Montreal-based SEG Exploration (ME) has opted to earn a 75% interest in the Teleku-Bokazo gold property in Ghana, West Africa.
The 20-sq.-mile concession lies on the Ashanti Trend, which hosts the Ashanti mine where 770,000 oz. gold are produced annually.
Teleku-Bokazo has yet to be systematically explored, although preliminary work in 1991 returned 0.08 oz. gold per ton over 366 ft. from a channel sample and 0.6 oz. from a 300-lb. grab sample.
SEG must pay the vendor, Vauquelin Mines (ME), US$225,000 and issue 750,000 shares over two years. In addition, it must spend US$500,000 on exploration before June 30, 1995, and a further $1 million by June 30, 1997.
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