REG-Ashanti Gold Corp Exercises Anumso Initial Option <Origin Href="QuoteRef">GLDP.L</Origin>

GoldplatAnnouncement

30/03/2017 14:10

  
Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining & Exploration
  
30 March 2017
  
Goldplat plc ('Goldplat' or 'the Company')
  
Ashanti Gold Corp Exercises Anumso Initial Option
  
Goldplat plc ("Goldplat"), the AIM quoted African gold producer, is pleased to announce that further to the announcement of 15 September 2016, Ashanti Gold Corp. ("Ashanti") has exercised its initial option to earn into the Anumso Gold Project in Ghana ("Anumso" or the "Project") under the terms of the option agreement (the "Agreement") between Goldplat and Ashanti.
 
Ashanti has the right to earn 75% of Goldplat's interest in the Project (giving Ashanti 67.5% of the overall Project interest) by expending US$3 million on exploration over a period of 2.5 years. An initial 51% share of Goldplat's interest will be earned through expending US$1.5 million in the first 18 months (the "Initial Option Period"), which includes a six-month review period. This review period is now over and Ashanti has elected to continue with the Agreement. Ashanti is obliged to either expend US$1.5 million on the Project within the Initial Option Period, or pay the deficiency to Goldplat. 
 
Should Ashanti meet the expenditure condition within the Initial Option Period and receive 51% of Goldplat's interest in the Project (45.9% of the overall Project interest), it will have the option to earn an additional 24% share of Goldplat's interest (21.6% of the overall Project interest) by expending an additional US$1.5 million in the following 12 months period, or by paying the deficiency to Goldplat.
 
Gerard Kisbey-Green, CEO of Goldplat commented: "I am very pleased that after the initial six-month review period, during which Ashanti had the right to withdraw from the agreement, and based upon the work which they have done so far, Ashanti have taken the decision to continue with the initial option. The working relationship between the two parties is very good and the work done by Ashanti to date has already enhanced the understanding of the potential of the project. This agreement ensures we maintain strategic exposure to this prospective asset whilst Ashanti assumes the capital and operational responsibilities, and with their competencies already proven, we look forward to continuing to support Ashanti as they advance Anumso."
  
** ENDS **
  
For further information visit www.goldplat.com, follow on Twitter @GoldPlatPlc or contact:
                        
 Gerard Kisbey-Green 
 CEO Goldplat plc 
 Tel: +27 (71) 8915775 
 Colin Aaronson / Jen Clarke / Daniel Bush 
 Grant Thornton UK LLP (Nominated Adviser) 
 Tel: +44 (0) 20 7383 5100 
 Andrew Raca / Justin McKeegan 
 VSA Capital Limited (Broker) 
 Tel: +44 (0) 20 3005 5000 
 Charlotte Page / Susie Geliher 
 St Brides Partners Ltd
(Financial PR)  
 Tel: +44 (0) 20 7236 1177 
  
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
  
About Goldplat 
Goldplat plc is an AIM quoted gold producer with two market leading recovery operations in South Africa and Ghana and an operational gold mine in Kenya. The Company produced 37,666oz gold FY 2016, and 21,317oz for H1 FY 2017, with expansion plans underway to further increase production.
   
The Company's strategy is focussed on utilising cash flow generated from its flagship gold recovery and mining operations to self-fund the sustainable growth and expansion of its niche gold recovery business model. The Company also holds a small exploration portfolio, which includes a 90% interest in the Anumso Gold Project in Ghana. Ashanti Gold Corp. has the right to earn 75% of Goldplat's interest in Anumso. 
  


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Source: Goldplat plc via Globenewswire