Goldplat plc Ashanti Gold Corp Exercises Anumso Initial Option
March 30 2017 - 8:08AM
UK Regulatory
TIDMGDP
Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining & Exploration
30 March 2017
Goldplat plc ('Goldplat' or 'the Company')
Ashanti Gold Corp Exercises Anumso Initial Option
Goldplat plc ("Goldplat"), the AIM quoted African gold producer, is
pleased to announce that further to the announcement of 15 September
2016, Ashanti Gold Corp. ("Ashanti") has exercised its initial option to
earn into the Anumso Gold Project in Ghana ("Anumso" or the "Project")
under the terms of the option agreement (the "Agreement") between
Goldplat and Ashanti.
Ashanti has the right to earn 75% of Goldplat's interest in the Project
(giving Ashanti 67.5% of the overall Project interest) by expending US$3
million on exploration over a period of 2.5 years. An initial 51% share
of Goldplat's interest will be earned through expending US$1.5 million
in the first 18 months (the "Initial Option Period"), which includes a
six-month review period. This review period is now over and Ashanti has
elected to continue with the Agreement. Ashanti is obliged to either
expend US$1.5 million on the Project within the Initial Option Period,
or pay the deficiency to Goldplat.
Should Ashanti meet the expenditure condition within the Initial Option
Period and receive 51% of Goldplat's interest in the Project (45.9% of
the overall Project interest), it will have the option to earn an
additional 24% share of Goldplat's interest (21.6% of the overall
Project interest) by expending an additional US$1.5 million in the
following 12 months period, or by paying the deficiency to Goldplat.
Gerard Kisbey-Green, CEO of Goldplat commented: "I am very pleased that
after the initial six-month review period, during which Ashanti had the
right to withdraw from the agreement, and based upon the work which they
have done so far, Ashanti have taken the decision to continue with the
initial option. The working relationship between the two parties is very
good and the work done by Ashanti to date has already enhanced the
understanding of the potential of the project. This agreement ensures
we maintain strategic exposure to this prospective asset whilst Ashanti
assumes the capital and operational responsibilities, and with their
competencies already proven, we look forward to continuing to support
Ashanti as they advance Anumso."
** ENDS **
For further information visit www.goldplat.com, follow on Twitter
@GoldPlatPlc or contact:
Gerard Kisbey-Green CEO Goldplat plc Tel: +27 (71) 8915775
Colin Aaronson / Jen Grant Thornton UK LLP Tel: +44 (0) 20 7383 5100
Clarke / Daniel Bush (Nominated Adviser)
Andrew Raca / Justin VSA Capital Limited Tel: +44 (0) 20 3005 5000
McKeegan (Broker)
Charlotte Page / Susie St Brides Partners Ltd Tel: +44 (0) 20 7236 1177
Geliher (Financial PR)
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this announcement,
this inside information is now considered to be in the public domain.
About Goldplat
Goldplat plc is an AIM quoted gold producer with two market leading
recovery operations in South Africa and Ghana and an operational gold
mine in Kenya. The Company produced 37,666oz gold FY 2016, and
21,317oz for H1 FY 2017, with expansion plans underway to further
increase production.
The Company's strategy is focussed on utilising cash flow generated from
its flagship gold recovery and mining operations to self-fund the
sustainable growth and expansion of its niche gold recovery business
model. The Company also holds a small exploration portfolio, which
includes a 90% interest in the Anumso Gold Project in Ghana. Ashanti
Gold Corp. has the right to earn 75% of Goldplat's interest in Anumso.
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Goldplat plc via Globenewswire
(END) Dow Jones Newswires
March 30, 2017 09:08 ET (13:08 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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