HomeEast AfricaAnother gold explorer dodges Tanzanian policy bullet

Another gold explorer dodges Tanzanian policy bullet

ASX-listed Rift Valley Resources is selling its Kitongo gold project in Tanzania. The company has executed a conditional sale agreement to sell the Kitongo gold project tenements for a total consideration of US$550 000.

The purchaser has deposited a nonrefundable $50 000 commitment fee as per the agreement.

Rift Valley Resources is working with the purchaser to satisfy the remaining conditions of the sale as follows:

  • Work together on all issues related to relinquishing any part of the licences grounds
    to the artisanal miners or for any other purposes
  • Sign an agreement with the illegal miners
  • Provide the buyer with all geological and geophysical data

To date the above-mentioned conditions are well advanced and Rift Valley Resources is confident that all conditions will be satisfied to enable completion.

Canuck Prospecting Licence – mineral prospecting rights agreement executed

A mineral prospecting rights agreement has been executed by Rift Valley Resources and the purchaser for the sale of the company’s 100% owned Tanzania prospecting licence PL 11016/2017 – “Canuck”.

The purchaser has agreed to purchase the licence for a total consideration of $250,000
subject to the transfer of the prospecting licence to the purchaser.

The purchaser has transferred into Rift’s bank account $100,000 cash deposit.

The remaining $150,000 will be transferred upon the transfer of the licence.

The cash deposit is refundable should the transfer of the prospecting license not proceed.

Miyabi gold project

Rift Valley Resources has recently received a proposal to enter into a “non-binding” and “non-exclusive” option agreement for the acquisition of the company’s 100% interests in the Miyabi gold project.