aveng gold

West African Resources has entered into a definitive agreement to acquire 100% of the Toega gold deposit from B2Gold Corp and their partner, GAMS-Mining F&I.

Toega is located within 14 km of the company’s flagship Sanbrado Gold Project in Burkina Faso.

West African Executive Chairman Richard Hyde comments:

“We are excited to have reached this agreement to acquire the neighbouring Toega deposit from B2Gold and GAMS. Toega is expected to increase Sanbrado’s production profile and mine life.

Read more about the Sanbrado gold project

“We intend to kick off drilling and feasibility studies in the near future, with the aim of bringing Toega ore into the Sanbrado mine plan within three years.”

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Highlights:

  • WAF to acquire Toega from B2Gold and GAMS for US$45 million in staged payments
  • Located within trucking distance (14 km) of Sanbrado
  • Existing Inferred Resource is 1.1 Moz gold at 2.1 g/t Au, with excellent exploration upside
  • Toega is expected to increase the Sanbrado production profile and mine life with a relatively low capital expenditure
  • Planning work to commence immediately, field work to commence later this year following the wet season