AIM and TSX-V listed Altus Strategies has signed a non-binding Term Sheet with TSX-V listed Desert Gold Ventures for the sale of and a royalty on the company’s contiguous Sebessounkoto Sud and Djelimangara gold projects in western Mali.
Mali – Subject to concluding a definitive agreement Altus will receive an initial payment of 3 million Desert Gold shares with a current value of approximately US$507,000, $50,000 in cash and a 2.5% Net Smelter Return royalty on the projects.
Furthermore, subject to the progress of the projects Altus will receive the following milestone payments: $100,000 in cash and 2 million Desert Gold shares on the first 500,000 oz defined and $100,000 in cash and 3 million Desert Gold shares on the second 500,000 oz defined.
Highly prospective projects
Both projects are strategically located in Kéniéba window of western Mali, 20 km southeast of Sadiola. Historic drilling intersections include 11.05 g/t Au over 3.7 m and 3.71 g/t Au over 8 m
Altus CEO Steven Poulton, commented: “We are delighted to have signed this Term Sheet with Desert Gold for the sale of our highly prospective Sebessounkoto Sud and Djelimangara gold projects in western Mali.
“Upon entering a definitive Sale and Purchase agreement, Desert Gold will acquire a 100% interest in the projects. “The proposed transaction follows our recent announcement of a Term Sheet for a Joint Venture on our Lakanfla and Tabakorole projects. Of our six projects in Mali, only our most advanced asset, the Diba gold project, is not currently subject to a JV or Term Sheet for a transaction
“The transaction we are announcing today with Desert Gold, further underscores our clear strategy of making and monetising discoveries in Africa, while also growing a valuable portfolio of project equity and royalty interests,” he concluded.