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B2Gold Corp Met Commitments for Botswana Prospecting Sites

Mining News - Published on Mon, 07 Oct 2019

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Galane Gold Ltd announced that B2Gold Corp has met the conditions of Tranche 1 of the previously announced earn-in option agreement with respect to certain Botswana prospecting sites and has confirmed its intent to commence with Tranche 2 expenditures of USD 2 million. Galane Gold CEO, Mr Nick Brodie said that B2Gold has completed detailed mapping of the most prospective areas of the prospecting licences and has identified the areas where it wishes to commence a more detailed exploration campaign. Galane remains confident and excited that B2Gold, from the progress so far, is the best team to unlock the known exploration potential of the Tati Greenstone Belt.

Under the Earn-in Agreement, B2Gold has the option to indirectly acquire, in three tranches, up to 70% of the shares of Southern Cross Exploration and Development (Pty) Ltd, a subsidiary of Galane Gold, which has received two gold prospecting licences over an aggregate of approximately 520 km2 located around the Company’s Mupane property in Botswana, excluding its current operations and mining licences. B2Gold has agreed to and will carry out exploration on the properties with guidance received from a jointly formed technical committee.

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Posted By : Rabi Wangkhem on Mon, 07 Oct 2019
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