This pertains to the Orezone Gold Bondi gold project (Djarkadougou exploration permit) transfer from Orezone Gold’s subsidiary company to a Sarama Resources subsidiary company.
This is the last step of the approval process before the official transfer that will be effective when the Ministry of Mines will deliver the new Djarkadougou Order (Arrêté) in Sarama’s name, at which point Sarama Resources shares and warrants issued to Orezone Gold as part of the transaction will be released from escrow.
The issuance of the Arrêté is a matter of process which should happen through the course of Q3 2017.
Orezone Gold agreed to sell its Bondi gold project to West African gold explorer Sarama Resources for C$1.44 million in May 2016.
The deal to acquire the Djarkadougou exploration permit as part of the Bondi project allows Sarama Resources to further consolidate and explore the prolific Houndé Belt in Burkina Faso, West Africa.
The company and Sarama consider Bondi to be a strategic permit within the package of land currently being explored by Sarama – including Sarama’s joint venture with Acacia Mining and Savory Gold.
The company supported the efforts of Sarama and others in the area in order to consolidate enough resources and to justify the construction of a central processing facility.
The Houndé Belt has become one of the two most active gold districts in Burkina Faso and Orezone Gold made the first major discovery in the belt in 1997, before the discovery of Mana by Semafo, Yaramoko by Roxgold and Houndé by Endeavour.
Orezone Gold and Sarama anticipate completing all final documentation in the coming weeks and apply for the transfer of the permit.