Excalibur announces Zambia gold/copper JV
JOHANNESBURG (miningweekly.com) – Excalibur Mining has signed a memorandum of understanding (MoU) with Zamunda Minerals for the development of a joint venture (JV) gold copper project, in western Zambia.
Zamunda holds the rights to the G&C project’s preproduction 620 km2 gold copper mining lease.
Excalibur and Zamunda intended to incorporate a 55:45 JV company, Sinco, to manage the project.
The transaction was subject to conditions precedent, including necessary approvals, the completion of due diligence and shareholder approval.
Excalibur, which is listed on the ASX, would reimburse Zamunda up to $350 000 for development costs it had incurred so far, and issue 50-million deferred shares upon achieving specified milestones.
The news comes as Excalibur embarked on due diligence for the acquisition of Buffalo Group, which had the rights to buy an 80% stake in gold prospecting licences in southern Zambia.
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