Azumah completes A$17m earn-in documents

PERTH (miningweekly.com) – Gold developer Azumah Resources has finalised a A$17-million earn-in agreement with private equity group Ibeara Capital over the Wa gold project, in Ghana.

The agreement, which was announced in early August, will see Ibeara earn an initial 42.5% interest in Wa by spending $11.25-million over a two-year period. If additional funds are required to achieve the joint venture (JV) objectives, Azumah could elect not to participate in the funding, leaving Ibeara to sole fund the next A$2.8-million to earn an additional 5% interest in the project.

Azumah MD Stephen Stone said on Friday that the goodwill and pragmatism demonstrated by the two parties to complete the earn-in and shareholder agreement in a compressed timeframe was indicative of their collaborative approach towards fast-tracking exploration, and ultimately the development of the Wa gold project.

“Azumah has grown the project to its present 2.1-million-ounce status and now looks forward to combining with Ibeara’s team of exploration and the project development professionals to unlock its full value.”

The objectives of the JV are to boost gold resources and reserves at the Wa project above the current 2.1-million ounces and 624 000 oz respectively, and to deliver a feasibility study within a two-year timeframe to support the funding and development of the proposed 90 000 oz/y gold operation.