First Cobalt announces that it will acquire the company US Cobalt, further enhancing First Cobalt’s...
Goldex signs JV agreement on Mali gold project
Goldex Resources Corporation announces that it has signed a joint venture agreement to explore and develop a gold license area consisting of 143 square kilometers in Mali, Africa. Signatories to the JV are Geo-Sys-Tech S.A.R.L. ("GEO") and RexMetal S.A.R.L.
GEO has the right to acquire a 90% interest in the license for 750,000 Euro of which 350,000 Euro's has been paid. GEO has established an exploration program over the Korokoro license area and has obtained a small-scale mining license under which it can produce up to 15 kilograms of gold per month. Under the terms of the small-scale mining license GEO has set-up and is operating a pilot plant currently able to process ten (10) tonnes of ore per hour. Under the terms of the JV GEO and REX will transfer their interests to a new company to be incorporated. Goldex will become the operator with a 51% interest in the joint venture and the license. Under the terms of the JV Goldex will complete a 43-101 report and pay to REX 400,000 euro. It is the intention of the joint venture to further develop the property and apply for a large-scale mining license.
The Korokoro property is accessed by road and is located 54 kilometers from the Morila mine (Randgold) which has produced over 7 million ounces of gold.