DGAP-News: Moku Goldmines AG: Joint Venture agreement between Moku Goldmines AG and SOKIMO
ID: 458131
Moku Goldmines AG: Joint Venture agreement between Moku Goldmines AG
and SOKIMO
08.08.2011 / 17:30
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Joint Venture agreement between Moku Goldmines AG and SOKIMO
Moku Goldmines AG is pleased to announce that it signed a joint venture
agreement with SOKIMO in mid-April, under the terms of which the parties
set up, in mid-May, a joint venture company - Societe Miniere de Moku -
Beverendi ('SMB'), held 35% by SOKIMO and 65% by Moku. Pursuant to the
joint venture agreement, SOKIMO has started the process of transferring two
sets of mining exploitation licenses to SMB, with the transfer expected to
be finalized shortly. The joint venture of Moku and SOKIMO is for the
duration of these licenses, including any renewals and extensions.
The licenses transferred adjoin one of Africa's largest undeveloped gold
projects, covering the extensions of gold anomalies from the world class
Kibali Gold project which Randgold and AngloGold Ashanti are currently
developing in the northeastern Democratic Republic of Congo. Mr. Klaus
Eckhof, former managing director of Moto Goldmines, developed the Kibali
project from grass roots to around 20 mill oz in resources within a 4 year
timeframe, and has vast experience in the northeast province.
The two license areas, Moku (713 sq km) and Beverendi (555 sq km), so far
have shown similar geological setting and structural controls to Kibali,
with excellent potential to discover large scale gold deposits. Several
historic mines are located throughout the project areas, and Mr. Eckhof has
been instrumental, throughout the selection and acquisition phase, in
targeting where these license areas show the most promise for gold
occurrences.
Moku has commenced its exploration program and, in accordance with the
joint venture agreement, has made certain payments to SOKIMO in connection
with the foregoing project. The company will undertake an exploration
program to fast track the project, where 90 percent of the license areas
have not been explored with modern techniques.
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End of Corporate News
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134821 08.08.2011Unternehmensinformation / Kurzprofil:
Datum: 08.08.2011 - 17:30 Uhr
Sprache: Deutsch
News-ID 458131
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