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Goldplat agrees farm-out of Anumso gold play in Ghana

Canada-listed Gulf Shore Resources has signed a letter of intent for an earn-in

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Goldplat will still retain a stake in the Anumso project

Gold recovery specialist Goldplat (LON:GDP) has agreed to farm-out a majority of its Anumso gold project in Ghana.

Canada-listed Gulf Shore Resources (CVE:GUL) has signed a letter of intent for an earn-in that will see it spend US$3mln on exploration for 75% of Goldplat’s 90% stake.

Goldplat has ten year lease at Anumso, which has a JORC compliant resource of 167,000 oz of gold at 2.04g/t.

The earn-in will be executed in two stages with GSR earning a 51% interest by spending US$1.5mln on exploration in the first 18 months. The remaining 24% is triggered by spending another US$1.5mln over the following twelve months.

GSR will be the operator of the exploration and development program.

Gerard Kisbey-Green, Goldplat’s chief executive, said:  “Anumso project is highly prospective and offers significant development opportunity, to which Goldplat wishes to maintain exposure.

The current resource size and economics makes raising capital to develop a mine on the project difficult in the short term, he said, but the proposed earn-in allows for Anumso to be developed and also for the Ghanaian recovery operations to become a West African hub.

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Price: 5.825 GBX

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