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Chinese firm buys Ghana gold mine

12th June 2015

By: Megan van Wyngaardt

Creamer Media Contributing Editor Online

  

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ASX-listed Viking Mines has sold its Akoase gold project, in Ghana, for $10-million, the company says in a statement.

The purchaser is the Chinese party that controls Akroma Gold, the owner of the Sian gold project, located 12 km from Akoase.

The sale includes an option fee of $90 000, $200 000 to be paid in cash by June, $1.71-million to be paid in cash on or before July 24 and $6-million to be paid in cash within five days after all conditions precedent have been satisfied.

The principal conditions relate to Viking obtaining the requisite Ghana Minerals Commission and government approvals and the purchaser’s final due diligence before November 21.

Two-million dollars will also be paid in cash as a gold production royalty.

The sale followed a selective tender process, conducted over several months, by Viking’s corporate adviser Emerald Partners to secure an appropriate purchaser of the 790 000 oz project.

The acquisition of Akoase will consolidate the ownership of the Sian and Akoase gold resources, providing critical mass for the ultimate development of a producing mine.

Edited by Mariaan Webb
Creamer Media Contract Publishing Editor

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