Golden Star Resources Ltd. says it has entered into an agreement with Future Global Resources to trade off 90 percent interest in the Bogoso-Prestea Gold Mine.
The agreement demands that an initial purchase price of $55 million shall be paid with a further contingent component of up to US$40 million staged payments to ensure FGR focuses investment capacity on the asset itself, while providing Golden Star with exposure to its long-term growth potential.
A statement from the mining company noted however that operations will continue at the Prestea underground operation, which includes the use of alimak mining on 24 Level and long hole open stooping mining activities on the newly developed 17 Level
“Following the acquisition, FGR intends to review the entire Bogoso-Prestea project portfolio, which includes the significant refractory sulfide resource, and an extensive tenement package with exploration potential,” the statement said.
CBN
