Goldplat plc Completion Of Anumso Gold Project Earn-in Option Agreement

 
TIDMGDP 
 
 
   Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining & Exploration 
 
   15 September 2016 
 
   Goldplat plc ('Goldplat' or 'the Company') 
 
   Completion of Anumso Gold Project Earn-in Option Agreement 
 
   Goldplat plc ("Goldplat" or "the Company"), the AIM quoted African gold 
producer, is pleased to announce that further to the announcement of 14 
July 2016, on 14 September 2016 it has executed an earn-in option 
agreement (the "Agreement") with Ashanti Gold Corp. ("Ashanti") 
(formerly Gulf Shore Resources Ltd) which gives Ashanti the option for a 
US$3 million earn-in to Goldplat's 90% owned Anumso Gold Project in 
Ghana (the "Project"). 
 
   Anumso Gold Project 
 
   Goldplat has a 90% interest in Anumso Gold Limited ("Anumso"), which is 
the holder of a ten-year renewable mining lease for gold and associated 
minerals covering an area of 29 sq km and located in the prospective 
Amansie East and Asante Akim South Districts of the Ashanti Region of 
the Republic of Ghana. The Project has a current JORC compliant resource 
of 166,865 oz of gold at 2.04g/t. In the year to 30 June 2016, the loss 
attributable to the Project was GBP5,539. 
 
   Terms of the Agreement 
 
   The Agreement provides Ashanti with the exclusive option to earn 75% of 
Goldplat's interest in Anumso (67.5% of the overall project interest) in 
two instalments by expending an aggregate of US$3.0 million on 
exploration on the Project. 
 
   The Agreement provides for two option periods. During the first 18 
months of the Agreement (the "Initial Option Period") Ashanti will be 
given the option to earn 51% of Goldplat's interest in the Project by 
expending US$1.5 million on exploration on the Project (the "Initial 
Option"). Ashanti has the unilateral power to terminate the Agreement 
within the first 6 months of the Initial Option Period, and expenditure 
on the Project during this period will be at its sole discretion. Should 
Ashanti not exercise its right to terminate the Agreement during the 
first six months, it will be obliged to expend US$1.5 million on Project 
expenditure during the Initial Option Period or pay the deficiency to 
Goldplat. Should Ashanti meet the expenditure condition within the 
Initial Option Period, it will be entitled immediately to exercise its 
option and receive an initial 51% of Goldplat's interest in the Project 
(45.9% of the overall Project licence). 
 
   Conditional upon exercising the Initial Option, Ashanti will be entitled 
to give Goldplat notice that it intends to invest further in the project, 
which will trigger a second period of 12 months (the "Subsequent Option 
Period") in which it will be given the option to earn an additional 24% 
of Goldplat's interest by expending a further US$1.5 million on 
exploration on the Project during the Subsequent Option Period or by 
paying the deficiency to Goldplat (the "Subsequent Option"). 
Expenditure during the Subsequent Option Period will be at Ashanti's 
sole discretion and will not be reimbursable if Ashanti does not 
exercise the Subsequent Option. Should Ashanti meet the expenditure 
condition within the Subsequent Option Period, it will be entitled 
immediately to exercise its option and receive a further 24% of 
Goldplat's interest in Anumso (21.6% of the overall Project licence). 
 
   Ashanti will be the operator of the exploration and development 
programme during the option periods, with a Joint Technical Committee 
being established to agree upon the work programmes. If Ashanti does not 
give Goldplat notice to trigger the Subsequent Option Period, or once 
the Subsequent Option has been exercised, a Mining Company will be 
formed, under a Joint Venture Agreement and the mining licence will be 
assigned to this Company. Both parties will contribute pro-rata to 
further development with either non-contributing party being diluted. 
If either party is diluted to 10%, this interest will be converted into 
a 1.5% Net Smelter Return ("NSR"), which can be bought out by the other 
party for US$100,000 per 0.1% NSR, for an aggregate of US$1.5 million. 
 
   Gerard Kisbey-Green, CEO of Goldplat commented: "I am very pleased to be 
able to announce a transaction with Ashanti. Goldplat has not been able 
to make capital available for development of this project over the past 
few years. This Agreement will allow the Company to retain an interest 
in the developments of the Project with a competent partner, in Ashanti, 
committing capital, operating and enhancing the value of the Project." 
 
   ** 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 
 
 
   The information contained within this announcement is considered to be 
inside information, for the purposes of Article 7 of EU Regulation 
596/2014, prior to its release. 
 
   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

September 15, 2016 02:00 ET (06:00 GMT)

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