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PR Newswire
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AFRICAN BARRICK GOLD PLC - Proposed Joint Venture with Sarama Resources Ltd

27 November 2014

             Acacia Mining plc (formerly African Barrick Gold plc)

                                    LSE:ACA

                          ("Acacia" or the "Company")

  Proposed Joint Venture with Sarama Resources Ltd on South Houndé Project -
                                 Burkina Faso

  * Acquisition of interests in a an emerging and highly prospective region for
    gold mineralisation

  * The Houndé Belt is relatively under-explored using modern exploration
    techniques and is seen as a highly attractive opportunity

  * Recent and historic discoveries confirm the potential of the Houndé Belt to
    host multiple styles of gold deposits

Acacia is pleased to announce that it has entered into an earn-in agreement
(the "Agreement") with Sarama Resources Ltd ("Sarama", TSX-V:SWA) whereby
Acacia can earn an interest of up to 70% with the expenditure of up to USD 14
million over a number of staged payments, at Sarama's highly prospective South
Houndé Project in Burkina Faso (the "Project"). Acacia may increase its
interest in the Project to 75% on satisfaction of certain conditions relating
to resource delineation. Completion of the Agreement is expected in the
forthcoming weeks.

The Project comprises seven (7) contiguous exploration licences covering a
total area of 814km2. Previous exploration by Sarama has identified a number of
high-quality exploration targets and includes the 1.5Moz Au Tankoro Resource.
The Project area is considered to have significant upside both in terms of
ability to expand the existing resource and to discover new gold deposits.

Commenting on the transaction, Brad Gordon CEO of Acacia, said: "Acacia's entry
into this transaction represents an exciting step in our continued efforts to
expand our footprint throughout Africa. We are looking forward to working with
the Sarama team, who have a proven track record in achieving results at the
South Houndé Project, and we will continue to assess exploration opportunities
throughout the region that support our growth strategy."

Earn-In Structure

Under the Agreement, Acacia has agreed to pay initial cash consideration at
completion of USD 1 million. Following completion, Acacia will have the right
to earn up to 70% of the equity in the Project over a four year period (the
"Earn-In Period") in return for advancing a number of staged payments equal to
a total aggregate value of USD 15 million, including the initial USD 1 million.
During the first phase of the Earn-In Period, which will run for a 24 month
period from completion, Acacia may earn up to a 50% interest in the Project in
return for making two staged payments of USD 3.5 million per year. Following
its acquisition of a 50% interest in the Project, Acacia may increase its
interest in the Project to 70% by making two additional stages payments of USD
3.5 million in years three and four of the Earn-In Period. In addition,
following its acquisition of 70% of the Project Acacia will be entitled to
increase its interest to 75% following the production of a feasibility study by
an independent third party in accordance with the requirements of Canadian
National Instrument 43-101 that confirms a mineral reserve equal to 1.6 million
troy ounces of gold within the Project licence area. An amount equal to 5% of
total Project contributions is payable to Sarama in the event that Acacia
elects to take its interest to 75% to reflect joint contributions made in any
interim period.

The Project will be sole funded by Acacia throughout the Earn-In Period via the
earn-in contributions outlined above. Following the Earn-In Period, it is
envisaged that the Project will be held under a 70/30 joint venture structure
with Sarama, pursuant to which each party will contribute to Project funding
pro-rata to its equity interests. Interests of any non-contributing party will
be subject to dilution under a standard dilution formula. In addition to
standard dilution mechanics, the Agreement also provides for the conversion of
either party's interests to a net smelter return ("NSR") royalty in the event
that either Acacia's or Sarama's interest in the Project is diluted to less
than 10%, payable following certain commercial production triggers. In such
instances Acacia's interest would convert to a royalty equal to 1% NSR and
Sarama's interest would convert to a royalty equal to 2% NSR. As regards any
NSR held by Sarama, the royalty mechanics provide a right of repurchase to
reduce the Sarama NSR from 2% to 1% on payment of an amount equal to USD 3
million. The right of repurchase must be exercised within sixty (60) Business
Days from the date of the royalty payment trigger. Any NSR held by Acacia will
expire following the production of 1.2 million troy ounces of gold from the
Project, calculated solely by reference to production achieved following the
royalty payment trigger.

Sarama will act as the Project manager under the guidance of a joint Technical
Committee. Acacia may elect to take over management of the Project at any time
following its acquisition of a 50% interest in the Project and for so long as
it continues to increase this interest in Phase 2 of the Earn-In Period.

Asset Location

The Project is located in South-West Burkina Faso, approximately 300km
south-west of Ouagadougou and 90 km South-East of Bobo-Dioulasso, the second
largest city in Burkina Faso. Access to the area is via a major sealed bitumen
road from Ouagadougou to Bobo-Dioulasso and then via a network of secondary and
tertiary roads. The project area is sparsely populated.

Figure 1: Regional Geology Houndé Belt Burkina Faso and location of South
Houndé Project licences, and associated gold-in-soil image showing location of
MM Deposit.

Geology

The Project is underlain by Birimian rocks of the Houndé Belt that consist of
mafic to intermediate metavolcanic rocks and wide domains of volcaniclastic
sedimentary rocks. A number of north to north-east trending, regional-scale
shear zones traverse through the Project area and control the location of gold
domains.

The Houndé Belt contains a number of gold deposits associated with a number of
belt-scale anomalous structures; the gold mineralisation is hosted by a variety
of rock types all with different ore styles and metallurgical characteristics.
The gold mineralisation identified to date on the South Houndé Project is
spatially related to quartz veining within sheared and foliated
meta-sedimentary rocks intruded by quartz-feldspar porphyry dykes. The
mineralised zones typically show pervasive silica and sericite alteration and
associated fine disseminated pyrite and arsenopyrite.

Historical Exploration Results

Past exploration programmes focused on surface geochemical sampling across the
South Houndé Project have identified several sub-parallel corridors of gold
anomalism, each extending for more than 20km along strike. Drilling within the
Tankoro area has intersected gold mineralisation (MM and MC Zones) along a
5.5km strike length, within a north-northeast striking sub-vertical structural
corridor which is up to 1.1km wide.

Sarama have announced a maiden Inferred Resource at Tankoro (MM and MC Zones)
of 1.5Moz at 1.6g/t Au. Oxide zones total approximately 300koz Au at 1.4g/t Au,
with potential to extend existing oxide zones and identify new zones. The MM
and MC systems are believed to be open along strike and down-dip. It is also
interpreted that significant potential exists to delineate additional ounces
amenable to underground mining within high grade shoots.

Metallurgical test work on oxide ore has returned a 93% recovery using
conventional CIL, with the fine nature of gold providing excellent leach
kinetics. Column leach test work on oxide ore indicates recoveries of ~85%,
with 80% of the gold recovered within 10 days. In fresh ore, gold is typically
fine (<10um) and associated with pyrite making it refractory using only
conventional CIL. Metallurgical test work has demonstrated an overall 91.3%
recovery using a combination of flotation and BIOX prior to recovery. Excellent
flotation results using 150um grind produces a very clean concentrate with a
mass pull of ~5% containing 94% on gold. The concentrate is amenable to
treatment by BIOX and other oxidation methods.

Figure 2: Large-scale targets within multi-kilometre wide anomalous gold
corridors

The Tankoro Resource extends over 5.5km strike within a 25km long mineralised
corridor, one of three such mineralised corridors on the property. Previous
exploration including surface geochemistry, geophysics (IP), and Aircore and
reverse circulation drilling have defined a number of quality exploration
targets along strike from the current Tankoro resource and on multiple
sub-parallel north-northeast trending corridors within the South Houndé
Project.

Future Exploration Programmes

Going forward, exploration programmes will target high grade extensions to the
existing resource base at the MM & MC Zones, both along strike and at depth.
Regional programmes will target new high-value discoveries across the Project
through the use of geophysics (IP and aeromagnetic surveys) and extensive
drilling programmes.

The Acacia Discovery Team has confidence that existing resources can be
expanded significantly and that new economic discoveries will follow.

ENQUIRIES

For further information, please visit our website: www.acaciamining.com or
contact:

Acacia Mining plc                                 +44 20 7129 7150

Brad Gordon, Chief Executive Officer
Andrew Wray, Chief Financial Officer
Giles Blackham, Investor Relations Manager

Bell Pottinger                                    +44 207 861 3800

Daniel Thöle

About Acacia Mining plc

Acacia Mining plc (LSE:ACA), formerly African Barrick Gold, is Tanzania's
largest gold miner and one of the largest producers of gold in Africa. We have
three producing mines, all located in Northwest Tanzania: Bulyanhulu, Buzwagi,
and North Mara and a portfolio of exploration projects in Tanzania, Kenya and
Burkina Faso.

Our approach is focused on strengthening our three core pillars; our business,
our people and our relationships. Our name change from African Barrick Gold to
Acacia Mining reflects a new approach to mining, and an ambition to create a
leading African Company.

Acacia Mining is a UK public company headquartered in London. We are listed on
the Main Market of the London Stock Exchange with a secondary listing on the
Dar es Salaam Stock Exchange. Barrick Gold Corporation remains our majority
shareholder. Acacia Mining reports in US dollars and in accordance with IFRS as
adopted by the European Union, unless otherwise stated in this announcement.

Disclaimer and forward-looking statements

This announcement is for information purposes only and does not constitute an
invitation or offer to underwrite, subscribe for or otherwise acquire or
dispose of any securities of Acacia in any jurisdiction.

This announcement includes "forward-looking statements" that express or imply
expectations of future events or results as opposed to historical facts. These
statements include, financial projections and estimates and their underlying
assumptions, statements regarding plans, objectives and expectations with
respect to future production, operations, costs, projects, and statements
regarding future performance. Forward-looking statements are generally
identified by the words "plans," "expects," "anticipates," "believes,"
"intends," "estimates" and other similar expressions.

All forward-looking statements involve a number of risks, uncertainties and
other factors, many of which are beyond the control of Acacia, which could
cause actual results and developments to differ materially from those expressed
in, or implied by, the forward-looking statements contained herein. Factors
that could cause or contribute to differences between the actual results,
performance and achievements of Acacia include, but are not limited to, changes
or developments in political, economic or business conditions or national or
local legislation or regulation in countries in which Acacia conducts - or may
in the future conduct - business, industry trends, competition, fluctuations in
the spot and forward price of gold or certain other commodity prices (such as
copper and diesel), currency fluctuations (including the US dollar, South
African rand, Kenyan shilling and Tanzanian shilling exchange rates), Acacia's
ability to successfully integrate acquisitions, Acacia's ability to recover its
reserves or develop new reserves, including its ability to convert its
resources into reserves and its mineral potential into resources or reserves,
and to process its mineral reserves successfully and in a timely manner,
Acacia's ability to complete land acquisitions required to support its mining
activities, operational or technical difficulties which may occur in the
context of mining activities, delays and technical challenges associated with
the completion of projects, risk of trespass, theft and vandalism, changes in
Acacia's business strategy and ongoing implementation of operational reviews,
as well as risks and hazards associated with the business of mineral
exploration, development, mining and production and risks and factors affecting
the gold mining industry in general. Although Acacia's management believes that
the expectations reflected in such forward-looking statements are reasonable,
Acacia cannot give assurances that such statements will prove to be correct.
Accordingly, investors should not place reliance on forward-looking statements
contained in this announcement.


Any forward-looking statements in this announcement only reflect information
available at the time of preparation. Subject to the requirements of the
Disclosure and Transparency Rules and the Listing Rules or applicable law, ABG
explicitly disclaims any obligation or undertaking publicly to update or revise
any forward-looking statements in this announcement, whether as a result of new
information, future events or otherwise. Nothing in this announcement should be
construed as a profit forecast or estimate.

LSE:ACA www.acaciamining.com

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© 2014 PR Newswire
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