Turaco Gold is set to increase its stake in the Afema project in Cote d'Ivoire to 80% by spending approximately A$11 million in cash and issuing shares worth about $11 million. The move aims to 'immediately increase' its interest from the initial 70%, with the additional 10% coming from joint venture partner Sodim for about A$13 million, making up the total A$22 million deal. Further obligations include a payment of A$680,000 to Endeavour Mining by March next year and an additional US$1 million upon declaring a JORC resource estimate of at least 2 million ounces at over 1.2 grams per tonne gold.
Potential takeover target Turaco Gold is set to outlay circa A$11 million cash and issue about $11 million worth of shares to "immediately increase" its interest in the Afema project in Cote d'Ivoire to 80%.Turaco was previously earning a 70% interest , with the additional 10% interest being from joint venture partner Sodim costing about $13 million — with that $13 million part of the overall $22 million cash and share deal.
The minority owner in Afema — who today has agreed to Turaco going to 80% — is Sodim.Turaco recently announced a maiden JORC mineral resource for the Afema of 2.52 million ounces .Drilling is continuing apace.Turaco is led by corporate exec Justin Tremain, whose previous company involvements have included Exore Resources and Renaissance Minerals, with those companies separately taken over by successful miners Perseus and Emerald, respectively.
Turaco Gold Afema Project Cote D'ivoire A$22 Million Deal Mining Endeavour Mining
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