Australian-based Golden Shamrock Mines can earn a 60% stake in the Enchi-Wiawso and Asankrangwa reconnaissance licences in Ghana.
The properties are held by Opawica Explorations (TSE). The 1,500-sq.-km Enchi licence lies on the southern end of the Bibiani gold belt and is bounded to the north by properties owned by Placer Dome (TSE), Outokumpu Mines and International Gold Resources (TSE). To the west, it is contiguous with a 400-sq.-km licence owned by the Pioneer Group and adjoins the Sewun-Tokosea property being worked by Mutual Resources (VSE). The Asankrangwa licence lies on the crest of the Kumasi anticlinorum, east of the Bibiani belt and west of the Ashanti gold belt.
To earn the interest, Golden Shamrock must spend $1 million on exploration in the first two years, and a further $3 million over the following three years. In addition, the company will subscribe for 500,000 Opawica special warrants, priced at $2.50 each. Each warrant entitles the holder to acquire one common share and an additional common share purchase warrant. Two common share purchase warrants and an additional $2.75 entitle the holder to an additional common share. Five other subscribers have agreed to buy 300,000 special warrants.
Golden Shamrock’s main asset is a 70% interest in the Iduapriem gold mine in southern Ghana. The mine is expected to produce 130,000 oz. this year.
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