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Gold/Mining/Energy : Birim Goldfields Inc. (BGI-T) -- Ignore unavailable to you. Want to Upgrade?

To: The Barracuda™ who wrote (397)	11/10/1999 12:23:00 PM
From: m jensen	Read Replies (1) \| Respond to of 922

Birim and Ashanti progress on Dunkwa agreement Birim Goldfields Inc BGI Shares issued 21,200,000 Nov 9 close $0.29 Wed 10 Nov 99 News Release Also Ashanti Goldfields Co Ltd (AHD.U) Mr. Denis Simoneau reports Birim's agreement with Ashanti Goldfields, as announced on Sept. 23 (Stockwatch, Sept. 23), is in the final stages of execution and is expected to close by the end of November. As previously disclosed, terms of the agreement with Ashanti include a capital injection of $1.5-million (U.S.) upon formal signing plus an advanced royalty payment, the amount of which will be based on the number of recoverable ounces outlined in a feasibility study to be completed within about six months. The transaction with Ashanti involves the purchase of the mineral rights to a 40-square-kilometre area of the Dunkwa property, along the Ashanti gold belt in Ghana, which includes the Mampon deposit, Birim's most advanced project. Of the independently calculated Mampon resource of 600,000 ounces, Birim management believes that a total of approximately 175,000 ounces grading five grams per tonne gold can be extracted by means of an open cast operation. Upon completing this transaction, Birim will still hold title to a 190-square-kilometre area of the Dunkwa property, along with the entire 7,000-square-kilometre Bui belt concessions as well as the Akrokeri property. The latter is presently farmed out to a subsidiary of Australia-based Dominion Mining Limited. Once the deal with Ashanti is completed, Birim plans to apply the proceeds to test several drill-ready targets elsewhere on the Dunkwa property along with other extensive drill-ready targets at Bui.