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Share Name | Share Symbol | Market | Type |
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Sanu Resources Ltd Com Npv | TSXV:SNU | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
Sanu Resources Ltd. ("Sanu") (TSX VENTURE:SNU) is pleased to announce that it has entered into an option agreement with Predictive Discovery Pty Ltd. ("Predictive") on Sanu's Burkina Faso gold properties whereby Predictive can earn a 60% interest in the properties by spending US $4.5 million dollars in 3 years including US $750,000 in the first year. Predictive will manage the exploration programs which will be executed by the Sanu team in Burkina Faso. Predictive will also be exploring on its own behalf in Burkina Faso also employing members of the Sanu team. Sanu will have the right to participate in any new ground acquired on a 40% basis should it choose do so. Predictive is a private Australian exploration company that was developed to commercialize the technology outputs of a seven-year, A$100 million research effort of the Predictive Mineral Discovery Cooperative Research Centre ("pmdCRC"), a joint research initiative of the mineral exploration industry and a number of Australian research institutions. Predictive has exclusive rights to use pmdCRC developed technology overseas, along with rights to purchase the company that owns the relevant intellectual property. The pmdCRC technology provides Predictive with the capacity to computationally simulate the formation of structurally-controlled mineralization and make predictions as to the most probable location and intensity of gold mineralization on undrilled prospects. It is particularly suited to orogenic gold mineralization of the style found in greenstone belts in Burkina Faso. This capability will be employed for selection and efficient testing of drill targets on Sanu's properties in Burkina Faso. Predictive's Directors are Mr. Phil Harman (Chair), formerly BHP Billiton's Chief Geophysicist, Dr. Tom Whiting, former VP-Exploration of BHP Billiton and Dr. Bobby Danchin, former Managing Director of Anglo American's Exploration and Acquisition Division and a current Director of Cluff Gold plc and Mineral Deposits Limited, both of which are developing gold mines in West Africa. The Company's CEO, Mr. Paul Roberts, led the research development team in the pmdCRC in the 6 years to 2008, prior to which he accumulated some 25 years of experience in mineral exploration and ore deposit evaluation in Australia and South America. Sanu's on-the-ground exploration capability and in-country infrastructure and Predictive's ability to rapidly analyse regional and detailed geophysical data to focus exploration on the most promising structures and targets is a combination that will provide synergies for both companies and lead to rapid and efficient exploration of Sanu's exploration properties in Burkina Faso. On Behalf of the Board, Wojtek A. Wodzicki, President and CEO This news release contains forward-looking statements concerning the Company's plans for its properties. These forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation, risks and uncertainties relating to political risks involving the Company's exploration and development of its properties, the inherent uncertainty of cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, the inability or failure to obtain adequate financing on a timely basis and other risks and uncertainties, including those described in the Company's periodic filings with the British Columbia Securities Commission. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not intend to update this information and disclaims any legal liability to the contrary.
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