HomeFeatures & AnalysisAltus to sell two Mali projects

Altus to sell two Mali projects

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.

Read: Good news for Altus in Mali

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.