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Gold/Mining/Energy : SGD - Serengeti Diamonds on VSE
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To: cknox who wrote (4)6/2/1997 1:15:00 PM
From: CoGo   of 12
 
JV with Anglo American Some news from SGD


Mr Tim Gallagher reports
The May 1996 agreement in principle with Anglo American Corp of South Africa has been formalized in a signed joint venture agreement.
Pursuant to the joint venture, Serengeti provided to Anglo American the original aerogeophysical data covering most of Tanzania. All of the magnetic and most of the radiometric data has now been processed,and initial interpretations have identified a number of potential gold and base metal targets within Tanzania for detailed evaluation.
Anglo American will bear all costs to feasibility on each target to receive a 75% interest in the joint venture, and Serengeti will receive a 25% free carried interest. Excluded from the joint venture are certain areas that are defined by virtue of Anglo American's current or past work and Anglo American's current licence holdings, and joint venture agreements with third parties. The joint venture encompasses all minerals apart from diamonds.
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