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AIM-quoted Cradle Arc has received formal notice from Randgold Resources to terminate the joint venture for the potential development of the Kossanto West gold project in Western Mali.

Pursuant to the terms of the JV agreement, Randgold’s 65% participating interest in the Kobokoto Est and Koussikoto licences will revert to Cradle Arc, such that Cradle Arc will hold 100% of the licences.

The board of Cradle Arc continues to believe that Kossanto West is highly prospective having witnessed considerable corporate activity in the immediate vicinity in recent months, including the acquisition of the Kossanto East gold project by Ashanti Gold Corp, its former joint venture partner, in August 2017.

Having received multiple expressions of interest from other exploration companies during the period of the Kossanto West JV, Cradle Arc will actively seek a new partner for the continued exploration and advancement of the licences.

In accordance with the terms of the JV agreement, Randgold Resources has provided a comprehensive database of the results from their field activities over the past two years.

This data, along with historical data from Cradle Arc, will be available for review by potential future partners.

“Randgold have been an excellent JV partner to Cradle Arc over the past two years and their grassroots regional exploration campaigns have added significantly to our understanding of Kossanto West,” comments Cradle Arc CEO, Kevin van Wouw.

“As a result of the work performed to date, both by Randgold and Cradle Arc, we continue to believe in the prospectivity of Kossanto West and are confident that the extensive gold mineralisation that is present at multiple targets across this expansive 127 kmexploration project can be further proven up.

“We will now discuss the best development path with existing and potential partners to continue the exploration work.”