Vauquelin increases stake in Ghanaian property

Montreal-listed Vauquelin Mines (ME) can earn an additional 27.5% interest in the 20-sq.-mile Toleku Bokaso gold property in Ghana.

The company now has the option to earn a total undivided interest of 78.5%. Lying southwest and along strike with the Ashanti and Prestea gold mines, the property is underlain by the same shear zone that hosts those mines. Ashanti has been producing since 1892 and, after a major rehabilitation, is expected to produce more than 1 million oz. in 1995.

Previously, Vauquelin obtained the right to earn a 51% interest from COMDEV, a Ghanian company. To do so, it must spend $150,000 on exploration before Dec. 31, as well as pay $5,000 and issue 100,000 shares to COMDEV. To earn the additional 27.5%, it must pay US$20,000 and issue an additional 50,000 shares to COMDEV. The agreement has yet to be approved by regulators.