CDN-listed International Gold Resources (IGR) has entered an option agreement with Adjumadium Mining to acquire a 51% participating interest in a 50-sq.-mile concession in Ghana, West Africa.
The agreement requires that work be performed and payments made before Dec. 31, 1995. Should the option be exercised, IGR would be entitled to acquire the remaining 49% by making further expenditures before Feb. 1, 1998. The concession straddles a major mineralized trend and is surrounded by many small surface gold mining operations. Moreover, it is only 40 miles west of IGR’s Bibiani concession, where more than 2.5 million oz. gold were produced prior to the 1960s.
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