Avesoro Resources has in the past outlined its strategy to become a premier mid-tier African gold producer.
These two assets in Burkina Faso are currently owned by the company’s majority shareholder Avesoro Holdings.
Independent technical reports are currently being prepared on the assets by CSA Global to provide a guide as to their valuation in any potential future transaction.
It should be noted that there can be no certainty that a transaction will be proposed by the board, nor as to the terms or the timescale of any such transaction.
Any future transaction, if proposed between the company and its majority shareholder would be a related party transaction, and as such, would therefore require minority shareholder and regulatory approvals.
Avesoro Resources, through its subsidiaries, is engaged in the exploration and development of gold deposits in highly prospective and under-explored areas of West Africa.
Avesoro Resources’ activities are currently primarily concentrated on the stabilisation of the New Liberty gold mine in Liberia. Avesoro Resources also owns 100% exclusive rights to the Weaju, Gondoja, Ndablama and Leopard Rock projects in Liberia and to the Batouri gold project in Cameroon.
The company’s vision is to become a premier mid-tier West African gold producer and developer by stabilising production at the New Liberty gold mine, whist delivering operational improvements and reducing the company’s cost base and using the New Liberty gold mine as a platform for further growth and expansion throughout the West African region.
Avesoro Resources will, if appropriate, make a further announcement in due course.