Toronto-based Taylor Rand (CDN) will form a joint venture with Zaire-based Mbula SPRL, with the former owning a 45% interest.
The main asset, situated in the Manlema and Kasangani regions of Zaire, is an 800-sq.-acre property consisting of two placer gold operations.
The partners expect to ship their first gold soon; it will consist of about 1,600 oz.
In an effort to increase annual production to 50,000 oz., Taylor Rand will carry out trenching and bulk sampling.
Besides the placer deposits, Mbula SPRL has a licence to operate a precious metals buying counter, as well as a licence to export precious metals. In order to maintain these licences, counter purchases must exceed US$20 million per year.
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