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Rift Valley buys into Angola copper, rare earths project

20th November 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – ASX-listed Rift Valley Resources has moved to acquire non-listed Sable Minerals, which holds a majority interest in the Ozango copper/gold and rare earths project, in Angola.

The transaction, valued at A$1.5-million, would see Rift Valley issue shares in exchange for full ownership of Sable.

The first tranche of A$800 000, at A$0.02, equated to about 40-million shares, which would be escrowed for 12 months. The second tranche, valued at A$700 000, would be issued within 12 months from the date of signing, at a 15-day volume-weighted average price.

The Ozango project consists of a single exploration licence covering some 3 670 km2. Previous exploration within the licence area delineated three priority targets, including the Catabola copper/gold target, the Longojo rare earths element target, and the Bongo gold target.

The remaining 30% of the project is held by the Angolan State and nationals.

Edited by Creamer Media Reporter

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