The proposed acquisition of a private company would give Amalgamated CanGold (TSE) an interest in exploration licences comprising 25,000 sq. km in the former Soviet republic of Kazakhstan.
The private company, Kazakhstan Goldfields, holds the Balkhashd Licence, which covers an 8,400-sq.-km area in eastern Kazakhstan, where several gold prospects are reported. The Kazakh government has made a preliminary estimate of half a million ounces of gold in one of the prospects.
On Kazakhstan Goldfields’ second licence, the 17,450-sq.-km Chu-Ili, several vein-type gold occurrences are known to exist that have never been drill-tested.
Applications have been made for yet another licence, and the company is negotiating to buy interests in two known gold deposits.
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