PMI Ventures Ltd. has completed its buyout of the Gemap concession, one of eight concessions that comprise its Ashanti II gold project located along the axis of the Asankrangwa gold belt in southwestern Ghana.
The transfer of Nevsun Resources (Ghana) Ltd.'s entire interest in the concession was completed in the name of Adansi Gold Company (Gh) Ltd., the 100-per-cent-owned Ghanaian registered subsidiary of the company, subject to previously outlined underlying agreements. All necessary governmental approvals have been obtained and the transfer has been completed. Total consideration paid by the company was $50,000.
The Ashanti II gold project covers an area of 400 square kilometres situated along the axis of the Asankrangwa gold belt, 10 kilometres southwest of the Obotan mine. Drilling has confirmed the presence of both open-cut grade (greater than 1.5 grams per tonne gold) and underground grade (greater than eight grams per tonne gold) mineralization over significant widths and in widely spaced targets located along the 40-kilometre length of the concessions. Further drilling to test recently outlined 3-D IP anomalies is expected to commence by the end of June.
