Vector buys major stake in African gold project
PERTH (miningweekly.com) – Junior Vector Resources has entered into an agreement to purchase a 70% interest in the Maniema gold project, in the Democratic Republic of Congo.
Under the terms of the agreement with African Royalty Company, Vector would acquire the interest by taking assignment of African Royalty’s rights under an existing agreement with WB Kasai Investments Congo (WBK).
Vector would be responsible for sole funding all exploration and administrative costs associated with the project, up to a development stage, with the funding advanced as shareholder loans and to be repaid on a priority basis from the start of production.
Vector would also be granted a pre-emptive right to acquire a further 10% in the project upon the definition of a Joint Ore Reserves Committee-compliant resource of more than one-million ounces, at a cutoff grade of more than 2.5 g/t gold.
The company told shareholders on Wednesday that it would invest a minimum of A$1-million into the project over the next 12 months, and would enter into a royalty agreement under which a 1% gross revenue royalty on all bullion and other minerals produced would be paid to WBK and African Royalty shareholders.
In addition, Vector would make a A$50 000 payment to settle African Royalty’s existing obligations under the WBK agreement, as well as a A$300 000 payment to WBK shareholders on the completion of a due diligence, execution of a joint venture (JV) agreement and the transfer of the licence to the JV company.
A further A$600 000 payment would be made to WBK on a decision to develop the project.
The Maniema gold project comprises seven granted exploration licences, which extend over 500 km2 of prospective ground where previous exploration work has identified gold mineralisation.
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