Goldplat plc Ashanti Gold Corp Exercises Anumso Initial Option

 
TIDMGDP 
 
 
   Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining & Exploration 
 
   30 March 2017 
 
   Goldplat plc ('Goldplat' or 'the Company') 
 
   Ashanti Gold Corp Exercises Anumso Initial Option 
 
   Goldplat plc ("Goldplat"), the AIM quoted African gold producer, is 
pleased to announce that further to the announcement of 15 September 
2016, Ashanti Gold Corp. ("Ashanti") has exercised its initial option to 
earn into the Anumso Gold Project in Ghana ("Anumso" or the "Project") 
under the terms of the option agreement (the "Agreement") between 
Goldplat and Ashanti. 
 
   Ashanti has the right to earn 75% of Goldplat's interest in the Project 
(giving Ashanti 67.5% of the overall Project interest) by expending US$3 
million on exploration over a period of 2.5 years. An initial 51% share 
of Goldplat's interest will be earned through expending US$1.5 million 
in the first 18 months (the "Initial Option Period"), which includes a 
six-month review period. This review period is now over and Ashanti has 
elected to continue with the Agreement. Ashanti is obliged to either 
expend US$1.5 million on the Project within the Initial Option Period, 
or pay the deficiency to Goldplat. 
 
   Should Ashanti meet the expenditure condition within the Initial Option 
Period and receive 51% of Goldplat's interest in the Project (45.9% of 
the overall Project interest), it will have the option to earn an 
additional 24% share of Goldplat's interest (21.6% of the overall 
Project interest) by expending an additional US$1.5 million in the 
following 12 months period, or by paying the deficiency to Goldplat. 
 
   Gerard Kisbey-Green, CEO of Goldplat commented: "I am very pleased that 
after the initial six-month review period, during which Ashanti had the 
right to withdraw from the agreement, and based upon the work which they 
have done so far, Ashanti have taken the decision to continue with the 
initial option. The working relationship between the two parties is very 
good and the work done by Ashanti to date has already enhanced the 
understanding of the potential of the project.  This agreement ensures 
we maintain strategic exposure to this prospective asset whilst Ashanti 
assumes the capital and operational responsibilities, and with their 
competencies already proven, we look forward to continuing to support 
Ashanti as they advance Anumso." 
 
   ** ENDS ** 
 
   For further information visit www.goldplat.com, follow on Twitter 
@GoldPlatPlc or contact: 
 
 
 
 
Gerard Kisbey-Green       CEO Goldplat plc           Tel: [phone] 
Colin Aaronson / Jen      Grant Thornton UK LLP      Tel: [phone] 
Clarke / Daniel Bush      (Nominated Adviser) 
Andrew Raca / Justin      VSA Capital Limited        Tel: [phone] 
McKeegan                  (Broker) 
Charlotte Page / Susie    St Brides Partners Ltd     Tel: [phone] 
Geliher                    (Financial PR) 
 
 
   The information contained within this announcement is deemed to 
constitute inside information as stipulated under the Market Abuse 
Regulations (EU) No. 596/2014. Upon the publication of this announcement, 
this inside information is now considered to be in the public domain. 
 
   About Goldplat 
 
 
   Goldplat plc is an AIM quoted gold producer with two market leading 
recovery operations in South Africa and Ghana and an operational gold 
mine in Kenya.   The Company produced 37,666oz gold FY 2016, and 
21,317oz for H1 FY 2017, with expansion plans underway to further 
increase production. 
 
   The Company's strategy is focussed on utilising cash flow generated from 
its flagship gold recovery and mining operations to self-fund the 
sustainable growth and expansion of its niche gold recovery business 
model.  The Company also holds a small exploration portfolio, which 
includes a 90% interest in the Anumso Gold Project in Ghana.  Ashanti 
Gold Corp. has the right to earn 75% of Goldplat's interest in Anumso. 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Goldplat plc via Globenewswire 
 
 
 
 

(END) Dow Jones Newswires

March 30, 2017 09:08 ET (13:08 GMT)

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