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Market: TSX
Sector: General Mining
Epic: VTR
News: Latest news
Web Site: Volta Resources
Other Articles: 08-09-200930-06-200927-05-2009

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Volta Resources

Volta Resources

Volta Resources Inc. (TSX: VTR) is the result of a 50/50 merger of two experienced West African explorers, Birim Goldfields Inc. and Goldcrest Resources Ltd. Volta Resources has 29 properties in Ghana and Burkina Faso.

Tuesday, September 08, 2009

Volta acquires Kiaka gold project from Randgold

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Ghana and Burkina Faso operating gold miner Volta Resources (TSX: VTR) announced today it has agreed to purchase the Kiaka gold project in Burkina Faso from Jersey-based gold producer Randgold Resources (LSE: RRS) for US$4 million in cash plus 20,000,000 ordinary shares of Volta.

Volta signed a letter of intent to buy a 100% interest in the Kiaka project, subject to a free participating right of 10%, up to a bankable feasibility study.

Randgold has spent US$6 million on exploration activities on the permit since 2004. Diamond and reverse circulation drilling conducted on the Kiaka permit has intersected intervals of 172 metres graded at 1.32 g/t (grams per tonne) from 46 metres depth, 122 metres at 2.00 g/t from 147 metres, 208 metres at 1.46 g/t from 30 metres and 45 metres at 2.62 g/t from 114 metres.

Volta is now hoping the planned nine month work program at Kiaka will deliver “significant” NI43-101 compliant resources.

"Acquiring Kiaka from Randgold fulfills Volta's key publicly stated goal to add an advanced gold project in our region to our portfolio that we believe we can fast track towards a development decision,” said Volta’s President and CEO Kevin Bullock.

The Kiaka exploration permit lies at the intersection of the northeast striking Tenkedougou greenstone belt and the north striking Markoye Fault in proximity to some of Burkina Faso’s largest gold resources, including the Essakane deposit with a resource of 5.1 million ounces (Moz), Taparko deposit (1.7 Moz), Bombore deposit (2.1 Moz) and Youga deposit (1.5 Moz).

Volta Resources closed flat at C$0.165 per share on the Toronto Stock Exchange on Friday.

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