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Gold/Mining/Energy : Pangea Goldfields T.PGD
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To: salva who wrote (218)4/17/1999 3:35:00 PM
From: salva  Read Replies (1) of 1178
 
ASHANTI TO CONCENTRATE DEVELOPMENT
of GEITA / KUKULAMA gold project in lake Victoria gold belt
in Tanzania by selling non strategic gold property to Resloute.

Tulawaka is just nearby--VERY INTERESTING--

Here is whole story for your info:

{{{{{{Ashanti Goldfields - Disposal
98% match; RNS ; 13-Apr-1999 02:47:59 pm ; 320 words

RNS No 5902k ASHANTI GOLDFIELDS COMPANY LIMITED 13 April 1999

SALE OF 50 PER CENT OF THE GOLDEN

PRIDE GOLD PROJECT IN TANZANIA

Ashanti Goldfields Company Limited ("Ashanti") announces that it has entered into agreement for the sale of the following assets to Resolute Limited ("Resolute"):

* Ashanti's 50 per cent interest in the Resolute-managed Golden Pride

project which was obtained through the acquisition of SAMAX Gold Inc.

* Ashanti's 51.25 per cent interest in Harrier Mining Ltd. which owns the

Nzega and Matinge tenements adjacent to the Golden Pride project and

* Ashanti's Mining and Exploration rights over the Abruoya and Miradani

concessions in Ghana.

The total consideration for the sale of the interest in the Golden Pride project and the adjacent tenements in Tanzania as well as the Abruoya and Mirandani concessions in Ghana is US$ 40 million.

These transactions which are subject to the consent of the Governments of Tanzania and Ghana respectively, enable Ashanti to concentrate primarily on the development of the enlarged Geita/Kukuluma gold project in the Lake Victoria gold belt of Tanzania. Programmed to be completed by the end of year 2000, the Geita project will be one of the largest gold mines in Africa outside South Africa and the second largest mine in the Ashanti Group.

The sale is in line with Ashanti's determination to focus only on the development of projects which conform to its quality growth strategy. Ashanti's non-managing interest in Golden Pride limits its ability to develop it to fit properly into the Ashanti Group. The location of the Abruoya and Miradani concessions, which are adjacent to the Resolute-owned Obotan Mine in Ghana, makes them more valuable to Resolute.

For further information:

Ashanti Goldfields Company Limited Trevor Schultz, Chief

Operating Officer Tel: (+233-21) 761300

Mark Keatley, Chief Financial

Officer Tel: (+233-21) 778171

James K Anaman, General

Manager, Corporate Affairs Tel: (+233-21) 778178

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