Guinea: Jinruim Resources signed an agreement to acquire 75% of Qatar Gold Project

Update: 31-07-2020

According to a report by Agence France-Presse on July 2 […]

According to a report by Agence France-Presse on July 27, Golden Rim Resources acquired the Kada Gold Mine from Vetro Gold and its Turkish owner Elta. ) The project entered the Guinea gold industry. In Burkina Faso's gold market, as the price of gold approaches US$2,000 per ounce (US$70.6/gram), the company is expanding its influence in the industry.
Jinruim Resources has signed a binding memorandum of understanding to obtain up to 75% of the Guinea Kada gold project, which covers an area of ​​100 square kilometers and is located in the middle of the Siguiri Basin.
According to the terms, due diligence and regulatory approval, Jin Ruimu will hold a 25% stake in the project in exchange for a US$2.5 million stock offering from Elta (Elta, the current project owner). The remaining 50% can be obtained by investing at least US$4 million in the project, and then completing the feasibility study.
The company’s CEO Craig Mackay said, “We have identified a vast gold mining area. Through large-scale drilling, our goal is to develop in the short term to meet the JORC regulations (Australia). The first type of mineral resource required by the Western Asia Mineral Resources and Ore Reserve Reporting Specification)."
Jinruim Resources has participated in the Kouri gold mine project (1.4 million ounces, 39,700 kilograms) in Burkina Faso in West Africa. Therefore, this new acquisition expands its influence in the industry and makes it more attractive to investors, especially since the price of yellow metal is now US$2,000 per ounce (US$70.6/g).