A 50% interest in Jena Mines Ltd., which operates a small gold mine in central Zimbabwe, is being acquired by Trillion Resources (ASE). The purchase, subject to regulatory approval, is being made through wholly owned subsidiary Trillion Resources (Pvt.) Ltd. Zimbabwe.
Trillion says that it and the Zimbabwe Mining Development Corp. (the Crown corporation which owns the other 50% interest in the mine) have received the approvals required for Jena Mines to undertake a program to modernize and expand the Jena mine at a cost of more than US$1.9 million.
Jena operates a 300-tonne-per-day mine within a 40-sq.-km concession. Trillion will make a US$10,000 payment upon the closing of the deal. Previous exploration expenses of US$425,000 by Trillion will be credited to the purchase price. In addition, Trillion will contribute US$2.49 million to Jena Mines during a 3-year period.
A 12-hole program on the concession outside of the area being mined has been completed by Trillion. The best reported intersection is 74.6 metres grading 6.29 grams gold per tonne.
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