Thanks to D.B. for emailing this to me...
Randgold Resources Ltd. Joint Ventures AZCO’s Two
Gold Properties In Mali, West Africa
FERNDALE, WASHINGTON, January 21, 1999 … AZCO Mining Inc. is
pleased to announce that it has successfully concluded
a joint venture on its Medinandi and Dandoko gold exploration projects
in Mali, West Africa, with Randgold Resources Ltd.
Under the terms of the joint venture agreement Randgold may earn a 75%
interest in AZCO’s subsidiary, which holds the
rights to 80% of the properties, by expending a minimum of $2 million
over the next three years. The Government of Mali has an
option on the remaining 20% with a 5% participation.
To fulfil its obligations, Randgold must complete a bankable feasibility study on at least one deposit on the permits with a minimum gold deposit in excess of one million ounces. As part of the
transaction, Randgold has agreed to purchase the field camp and
equipment connected with the project from AZCO for the sum of US$277,000.
Over the last two years, AZCO conducted an extensive work program on the two properties which has led to a number of very
interesting targets being identified that warrant further exploration.
AZCO looks forward to a successful partnership with Randgold in much the same way as AZCO’s partnership with Phelps Dodge Corporation in Mexico. The company remains in a strong financial
position with in excess of US$16 million in cash and cash
equivalents and no debt as of September 30, 1998. In addition to
partnerships with Phelps Dodge and Randgold, AZCO has diversified
its property base, which includes exposure to industrial minerals and
gemstones. |
