Altus Strategies has executed a binding arrangement agreement with Legend Gold which has a portfolio of gold projects in Mali at various stages of advancement."We are delighted to have concluded this agreement with Legend Gold which has a portfolio of high quality and strategically located gold projects in western and southern Mali," says Altus Strategies CEO, Steven Poulton.
"Due to the sector downturn, which started in 2011, we believe the value of Legend's projects has not been recognised by the TSX-V market.
[quote]"The projects are at various stages of advancement and offer the potential for near term cash-flow and discovery upside.
"We are also delighted that, on completion of the arrangement, Michael Winn will be joining the Altus board as a non-executive director, Dr Demetrius Pohl will be joining Altus as an adviser and Ambogo Guindo will join as an adviser to the Mali operation.
"Winn has a strong track record in the resource sector, having led or participated in numerous successful exploration and investment companies and will bring significant TSX-V capital market expertise to the board.
"Pohl is renowned for his technical experience and role in the discovery of numerous world class gold deposits, including the Syama, Sadiola and Morila gold mines in Mali, the Golden Pride gold mine in Tanzania, the Essakane gold mine in Burkina Faso and the Tongon gold mine in Cote d'Ivoire.
"This is a potentially significant growth opportunity for us."
Michael Winn, CEO and chairman of Legend Gold, comments:
"Our combination with Altus will be positive and transformational for all Legend stakeholders, with an immediate premium for current shareholders.
"Altus is a project generator focused on Africa, which was founded and is managed by a team who have a considerable track record in creating shareholder value from mineral exploration in the region.
"Altus was established in 2007 and listed on London's AIM exchange in August 2017.
"Despite the bear market since 2011, Altus has grown a substantial and diversified portfolio of projects; including discoveries in Cameroon, Ethiopia, Liberia and Morocco, principally in gold, copper-silver, bauxite and iron ore.
Altus has a strong shareholder register, including its board and management.
Not only does Altus have the requisite skills and expertise to advance Legends' projects, our shareholders will benefit significantly from exposure to their diversified project generator portfolio and clear growth trajectory."
Feature image credit: Wikimedia