Ashanti Goldfields (ASL-N) intends to spend US$28 million on exploration in Africa during 1997.
The company’s managing director, Peter Cowley, says two-Thirds of the funding will be directed towards existing mines and advanced projects, with the remainder earmarked for grassroots work.
Speaking at the sub-Saharan Oil and Minerals conference in Mauritius, Cowley described the Geita gold deposit in Tanzania as Ashanti’s most advanced project. “We are looking to Geita to become our next major mine in Africa, and our first in Tanzania.”
The company recently completed 66 drill holes at the property and is now calculating a new resource estimate, which is expected to be significantly greater than the current 1.3 million oz.
Other major African projects, all joint ventures, include: Saoura, held in partnership with Iamgold (IMG-T) in Niger; Youga, which is shared with Echo Bay Mines (ECO-X) in Burkina Faso; and Mandianaject, a Guinean project shared with Iamgold.
Meanwhile, Ashanti has sold the Poura gold mine in Burkina Faso to Sahelian Goldfields (SHGI-C), a Canadian company.
Farther afield, in New South Wales, Australia, the company is negotiating with several parties regarding the sale of the Cobar copper mine.
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