Here's the full release. Still not completely clear as to the number of ounces and payment, and the "final mining permit", but it sounds like a mere formality (or another manana?) should BGI sign off on it.
Birim Receives Mampon Feasibility From Ashanti
MONTREAL--(BUSINESS WIRE)--May 13, 2002--Birim Goldfields Inc. (TSE:BGI. - News) has received Ashanti Goldfields' positive feasibility study on the Mampon gold deposit in Ghana.
The Mampon deposit is 60 kilometers south of Ashanti's large Obuasi gold mine and lies within Birim's Dunkwa concession area. Under its December 1999 agreement with Ashanti, Birim has the right to audit this feasibility prior to giving Ashanti its acceptance of the study. Birim has therefore retained Resource Service Group of Perth, Australia, to review the proposed mining plan, and Peter Wallwin, a South African consulting metallurgist, to audit the metallurgical aspects of the report. Once Birim has determined that the conclusions of the report are fair to the Company, it will give its approval to Ashanti. At that point an upfront royalty is payable to Birim by Ashanti. The amount payable is based on the number of recoverable ounces of gold outlined in the feasibility study as accepted by Birim. These funds will be placed in escrow, to be released to Birim once the mining permit is issued.
On January 28, 2002, Birim announced that the Ghanaian Ministry of Mines had said it would allow certain projects, located in productive forest reserves, to proceed and that the Mampon project is one of these approved projects. Ashanti has therefore started producing the Environmental Impact Statement that has to be submitted prior to the issuance of a mining permit. This report should be completed over the next few months.
"This is a major step forward for Birim and one we have been anticipating for a long time," said Denis Simoneau, President of Birim Goldfields. "Upon receiving the upfront royalty, Birim will be one of a few well-funded junior explorers and the Company can then continue to explore the multiple drill-ready targets it has outlined within its 7,000 sq. km. Bui Belt concessions of west-central Ghana," he added. To-date, only one of these prospective gold targets, Tombe-Parabu, has been tested with drilling and then only to a very small extent.
Birim Goldfields Inc. is a mining exploration firm whose mission is to explore and develop gold deposits in Ghana, West Africa. The Company has 25.2 million common shares outstanding. |
