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Burkina Faso : BOSS RESOURCES finalizes earn in deal, ESA with GRYPHON
Publish Date : 07-Jul-2014
Boss Resources Limited has concluded its earn in deal and an equipment sale agreement (ESA) with Gryphon Minerals Limited.
The earn in deal allows Gryphon Minerals to earn up to 80% of Boss Resources' highly potential gold projects in Burkina Faso. Boss Resources concluded its documentation with Gryphon Minerals, following the completion of the due diligence on the projects.
Gryphon Minerals will administrate and fund the exploration project over a period of two years, before free carrying Boss Resources to a conclusion to mine.
Once a Definitive Feasibility Study is delivered, Gryphon Minerals will own a 70% stake in the projects. The deal will then allow Gryphon Minerals to acquire a further 10% in the partnership for a consideration of AUD2.5 million.
The firm says that it will restart with its work programmes, after the wet season in the second half of 2014.
Boss Resources has secured the final payment of $200 000 from the sale of the firm's plant and equipment to Gryphon Minerals.
Technical Director of Boss Resources, Peter Williams, said,"We are extremely pleased to have finalised the earn in agreement with Gryphon following their successful due diligence on our Burkina Faso gold projects. Gryphon has the financial capabilities and track record in exploration having identified over 3.6 million ounces in Burkina Faso to date. The structure of the joint venture is a great outcome for Boss shareholders as it allows us to retain long term interest in the projects whilst freeing management up to focus on our diversification into Europe where drilling is about to commence within the next few week."
