Hi, just saw a news release from AKI. They will sell their properties
on Nevada, Bolivia and Mexico, and focus on the West Africa. Doesn't
sound great to me, and share price is sliding to 0.39(B)-0.41(A). Looks like they just want to chase the mode of Ghana. I doubt if they
are serious in exploring gold... Well I am a shareholder, and I have to redo my DD I guess. Please post your comments.
Jiong
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News release I got from aki-res.com
VSE SYMBOL: AKI APRIL 10, 1997
AKIKO FOCUSES ON WEST AFRICA GOLD
Akiko Gold resources (AKI) is now focusing its exploration and acquisition
efforts in West Africa, starting with its 90% held Antubia-Afere concession
in southwestern Ghana. The 54 Sq. mile concession is accessibly located in
an area undergoing active exploration, southwest of the 2.5 million ounce
Bibiani discovery and parallel to the multi-million ounce Ashanti and Tarkwa
mines. Three large scale gold anomalies have been defined at intersections
of geologic structures on the concession for trenching and IP programs,
commencing next week, in anticipation of drilling. The anomalies contain
gold concentrations of 100 to 1,000 ppb in soils, over strike lengths up to
1650 meters with widths up to 900 meters. Rock chip samples from zones of
quartz veining within the anomalies assay up to 30 g/t (0.99 oz/t) gold over
one meter and 5.4 g/t (0.157 oz/t) gold over 3 meters. These and other less
defined anomalies on the concession coincide with shear zones cutting
elongated northeast trending greenstone structures, which are the type of
geological environment from which Ghana has produced 40 million ounces of
gold over the past century.
To help focus on the acquisition of additional African gold opportunities,
AKI has entered negotiations for the sale of its 50% interests in the
Crescent Valley gold project in the Pipeline District of Nevada and in the
San Simon gold project in eastern Bolivia. Both gold projects have open-pit
heap leach as well as underground potential. AKI therefore plans to retain
either a production royalty or a carried interest on the properties and/or
receive stock in the acquiring company in order to participate in any
successful future developments on the projects. Akiko plans to do the same
with its grass roots, but highly prospective, mining claims in Oaxaca,
Mexico.
Meanwhile, Korea Zinc Co., Ltd., Akikos largest shareholder, has agreed to
fund the next $1 million of expenses on the New Burgin Mine
silver/lead/zinc/gold project, which will cause its 25% interest to vest in
the joint venture with Akiko and Chief Consolidated Mining Company. Korea
Zinc will then be entitled to fund US$3 million in three (3) installments in
order to acquire Akiko's 25% interest in the Tintic mining district joint
venture. However, once Korea Zinc has recouped 135% of its costs for
acquiring and bringing AKI's interest into production, then the 25% interest
will revert to Akiko. Feasibility work is currently being delayed in order
to incorporate anticipated results from ongoing reserve expansion drilling.
This approach allows the company to focus on the gold boom in West Africa,
while retaining upside potential in projects in the Americas.
On Behalf of the Board of Directors
[Image]
President & Chief Executive Officer
For further information about Akiko Gold Resources Ltd. or the contents of
this news release, please contact Christine Reynolds in Vancouver at (604)
689-0988 or Fran Testar in Denver at (303) 298-1663 or fill out our online
information request form. |
