Patrician, Serengeti make African splash

Two Vancouver-based juniors are joining forces to create a major African gold and diamond mining company.

Serengeti Diamonds (VSE) and Patrician Gold Mines (ASE) will combine to form Serengeti Holdings, a company with interests in properties in Tanzania, Ghana and Kenya.

Serengeti can earn up to an 80% interest in 14.4 million hectares of Tanzanian diamond mining leases. It also holds an option to acquire a half interest in a 100-sq.-km prospect in the Lupa Goldfields, as well as an option to earn half of a 200-sq.-km gold mining licence and half of a 1,100-sq.-km licence within the Lake Victoria Goldfields of Kenya.

Patrician is earning a 90% interest in two prospecting and two reconnaissance licences in Ghana, plus a 10% interest in six prospecting licences — all of which total 925 sq. km.

Also, Patrician has signed an option agreement that will see South African-based JCI spend US$900,000, over the next four years, on exploration of the Forest Reef mine in Tanzania.

The merger has yet to be approved by the respective boards of directors, shareholders and regulatory authorities.