Afriore, Iamgold to test for gold

Afriore (AFO-V) and Iamgold (IMG-T) have signed a tentative joint agreement to test an area in South Africa with the potential to host extensive Witwatersrand-type gold mineralization.

The area contains geophysical and structural characteristics similar to nearby mining areas. Afriore has secured rights to the prospect area. Iamgold may acquire a half-interest by investing US$5 million prior to Sept. 1, 2002. Initial testing is to begin immediately at an estimated cost of US$1-1.5 million.