Akoase Gold Project
Akoase Gold Project, Ghana (100%)
The Akoase project is located approximately 125km north-northwest of Accra in southern Ghana, with sealed road access within 5km and grid power within 10km of the project area.
The Akoase prospecting licences are located in the northern part of the Ashanti gold belt. A number of major gold mines and projects lie within this belt, including Newmont’s 8.7 million ounce Akyem gold project, which is approximately 25km southwest of the Akoase project area.
In June 2015 the Company announced that it is had executed a sale contract for the Akoase Gold Project for an overall transaction value of US$10 million cash. The purchaser, Akoase Resources Limited (ARL) is the Chinese party that controls Akroma Gold Limited, the owner of the Sian gold project located 12kms from Akoase. Sian has historically reported an NI 43-101 Indicated and Inferred resource of 396,000 ounces.
During the year ARL paid the balance of the USD2 million non-refundable deposit to Viking. A further USD6 million becomes payable upon completion of the sale.
All necessary government approvals to transfer the Akoase tenements to have ben received and there are no further impediments to completion of the sale. Should a ARL default and fail to rectify the default then the asset reverts back to Viking with no further obligation to ARL. As at writing Viking has no reason to expect that ARL may default on its sale completion obligations.
Viking has contracted to sell the Akoase gold project for total sales consideration of US$10 million as follows:
• USD2,000,000 – already received by Viking
• USD6,000,000 – cash payment within 5 days of satisfying the conditions precedent.
• US$ 2,000,000 – to be paid in cash as a gold production royalty
Akoase has an Inferred mineral resource estimate, classified in accordance with the JORC (2012) Code, of 20.6 Mt @ 1.2 g/t Au for 790,000 ounces of contained gold, at a 0.5 g/t Au cut-off (September 2013).
Contact Viking Mines Ltd.
Registered Office and Principal Place of Business
Level 5
126 Phillip Street,
Sydney NSW 2000
Website
www.vikingmines.com
Email
info@vikingmines.com
Phone and Fax Numbers
Ph: (+612) 8072 1400
Fx: (+612) 8072 1440