Toronto-based Sahelian Goldfields (SHGI-C) has acquired the Poura mine, a former gold producer in Burkina Faso, West Africa.
In addition to the mine, which has produced more than 600,000 oz. gold from open-pit and underground operations, Sahelian acquired a 1,000-Tonne-per-day mill, a power station and a 500-sq.-km exploration licence around its 11.2-sq.-km Poura mining licence.
Sahelian will issue to the vendor, Ashanti Goldfields (AHD.U-T), 3 million shares and 2 million share purchase warrants. Each warrant, worth one share, has an exercise price ranging from $1.25 to $2.25 with a 6-year expiry.
Sahelian will also allow Ashanti to elect one director to Sahelian’s board.
Funding for mine rehabilitation and development at Poura will be assisted by a US$14-Million, non-refundable grant from SYSMIN, a European development agency. For the period 1996-2000, SYSMIN is granting the equivalent of US$650 million towards mining projects in developing countries in Africa, the Caribbean and the Far East.
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