JOHANNESBURG (miningweekly.com) – Aim-listed Goldplat has executed an earn-in option agreement with Ashanti Gold, giving the latter the option for a $3-million earn-in to Goldplat’s 90%-owned Anumso project, in Ghana.

The Anumso project has a ten-year renewable mining lease for gold and associated minerals covering an area of 29 km² and is located in the prospective Amansie east and Asante Akim south districts of the Ashanti region in Ghana.

The project has a current Joint Ore Reserves Committee-compliant resource of 166 865 oz of gold at 2.04 g/t.

The agreement provides Ashanti with the exclusive option to earn 75% of Goldplat’s interest in Anumso in two instalments by expending an aggregate $3-million on exploration.

During the first 18 months of the agreement, Ashanti will be given the option to earn 51% of Goldplat's interest by expending $1.5-million on exploration.

Ashanti has the unilateral power to terminate the agreement within the first six months of the initial option period, and expenditure on the project during this period will be at its sole discretion.

Should Ashanti not exercise its right to terminate the agreement during the first six months, it will be obliged to expend $1.5-million on project expenditure during the initial option period or pay the deficiency to Goldplat.

Should Ashanti meet the expenditure condition within the initial option period, it will be entitled immediately to exercise its option and receive an initial 51% of Goldplat's interest.

Ashanti can also give Goldplat notice that it intends to invest further in the project, which will trigger a second period of 12 months, where it will be given the option to earn an additional 24% of Goldplat's interest by expending a further $1.5-million on exploration.

Ashanti will be the operator of the exploration and development programme during the option periods, with a joint technical committee being established to agree upon the work programmes.

If Ashanti does not give Goldplat notice to trigger the subsequent option period, or once the subsequent option has been exercised, a mining company will be formed, under a joint venture agreement, and the mining licence will be assigned to this company.

Both parties will contribute pro-rata to further development with either noncontributing party being diluted. If either party is diluted to 10%, this interest will be converted into a 1.5% net smelter return (NSR) royalty, which can be bought out by the other party for $100 000 per 0.1% NSR royalty, for an aggregate of $1.5-million.