Giyani Gold, the Southern African-focused gold explorer, reported that its state-owned partner Corridor Mining Resources (CMR) confirmed that the DMR provided Rock Island with the acceptance letter relating to two prospecting rights (Louis Moore and Klein Letaba – Frankie, Horseshoe and Birthday).
The acceptance letter is the last step towards the issuing of the final grant.
CMR and Giyani Gold own 45% each of Rock Island and share all corporate costs 50/50 in the South African registered operating company.
The Rock Island partners had a very productive meeting on 31 August 2016 in Pretoria discussing key issues such as the immediate loan repayment owed to Giyani Gold, granting the company’s retention licenses and options to improve a way forward designed to realise the true value of the key assets in an improved global gold market.
“We remain confident in South Africa’s mining environment and we are evaluating a number of opportunities available to spark future growth,” says Giyani Gold’s Executive Chairman, Duane Parnham.