Mutual busy in Ghana

Three deals concerning gold concessions in Ghana have been struck among Mutual Resources (VSE), EQ Resources (CDN) and Opawica Explorations (TSE).

Mutual can acquire EQ’s interest in Ghana-based SETO Mining. SETO, which is 45%-owned by EQ, holds the 34-sq.-km Sewun-Tokosea gold concession in southwestern Ghana. The concession lies on the Bibiani Trend and is underlain by similar geology along strike with the Anuiri mine, owned by Eden Roc Mineral (TSE) and Marshall Minerals (TSE).

To earn EQ’s interest, Mutual must issue 400,000 shares over four years and either provide a positive feasibility study or pay $1.75 million. With the acquisition of EQ’s 45% interest (and as a result of earlier agreements), Mutual’s interest in the concession will be 72%. Mutual is currently carrying out trenching and airborne geophysical surveys, and should start drill-testing anomalies next month.

Meanwhile, EQ and Mutual entered into an agreement with Opawica concerning a 350-sq.-km reconnaissance licence west of the Sewun-Tokosea property. EQ will fund part of the ongoing airborne survey in order to earn an 18% interest, Mutual will act as operator and hold 50%, and Opawica will hold the remaining 32%.

Finally, EQ and Mutual have an agreement concerning the Bilpraw gold concession in central Ghana. The concession, which includes the past-producing Bilpraw mine, lies north of a new gold discovery made on the Obotan concession.

Mutual can earn a 55% interest in Bilpraw by paying $75,000 to EQ and spending $525,000 on exploration over three years.