ASX-listed gold explorer Okapi Resources has decided to cease negotiations in acquiring an equity interest in the Tendao gold project in the Democratic Republic of Congo.
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As announced on the 26 September 2019, Okapi executed a binding term sheet to acquire an initial 50% equity right in Wanga Mining Company SARL (WMC). Wanga Mining Company holds a 100% interest in mineral licences PE5045, PE5050, PE5054, PE5069 and PE13062, which together constitute the Tendao gold project, which is located in the Kilo-Moto Greenstone Belt of the Haut Uele Province of the DRC.
The company has completed its due diligence on Wanga Mining Company, and after discussions on the proposed transaction with major shareholders, is disinclined to proceed with the acquisition.
Okapi Resources is in discussions with the vendor to assess recouping any funds forwarded to them as part consideration for the acquisition.
Okapi Resources, a minerals exploration company focused on the discovery and commercialisation of mineral deposits in the DRC and Western Australia, continues to evaluate other gold project acquisition opportunities in Africa and further afield.
Okapi Resources has executed a JV agreement to earn up to a 70% interest in the Mambasa gold project located in the Ituri province of north eastern DRC through achieving resources milestones and taking a decision to mine.
The project is currently producing between 500 g and 1 kg per week of gold through artisanal mining methods. Both greenstone belt and licence area are untested by modern methods and have never been drilled. Okapi Resources has therefore put in place an aggressive exploration programme to drill test the project quickly and gauge its potential.