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Goldplat to buy out Kilimapesa JV partner

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Goldplat PLC (AIM: GDP) said its wholly  owned  subsidiary  Gold  Mineral Resources Ltd has signed a Heads of Agreement with International Gold  Exploration  AB  (IGE)  to buy IGE’s  50 percent  interest  in their  Kilimapesa Gold (Pty) Ltd  joint venture  for  US$2.7 million.

Goldplat and IGE entered into a Joint Venture agreement in June  2007 under which  Goldplat  earned 50 percent  of  Kilimapesa Gold  by  advancing US$400,000 to  develop  the  Kilimapesa gold  mine  under  Goldplat's management.  This resulted in small scale gold production commencing at the beginning of 2009.   

As previously announced, Goldplat is working  to  establish  a  JORC compliant  resource  at Kilimapesa and increase the rate of production of gold.

Kilimapesa Gold's Lolgorien gold project is situated in South Western Kenya within the historically producing Migori Archaean  Greenstone Belt.  Its current plant is able to produce up to approximately 100 kilograms gold per annum.

The consideration for the acquisition of Kilimapesa Gold will be met from Goldplat's existing cash resources.  Following completion of the Sale Agreement, Goldplat will finalise and announce its plans for the development of Kilimapesa Gold.

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Price: 2.65 GBX

AIM:GDP
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Market Cap: £4.44 m
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