July 24, 2007
AMI Africa Exploration Ltd. has entered into a one year option agreement with Goldenreef Resources Ltd.
Vancouver, B.C. - The Company wishes to announce that it's operating subsidiary AMI Africa Exploration Ltd. (formerly Norcan Mining Corp.) has entered into a one year option agreement with Goldenreef Resources Ltd., a Ghanaian company. Under the terms of the agreement AMI Africa can acquire 100% interest in Goldenreef's Amansie West prospecting license by:
- Paying Goldenreef US$10,000 within 15 days of executing the option agreement, which funds have since been paid.
- In the option year undertake an exploration program over selected areas of the concession.
- On or before the expiration of the option agreement AMI Africa can purchase 100% of Goldenreef's interest in the Amansie West prospecting license upon payment of US$100,000 and a 2% net smelter royalty which NSR at the option of AMI Africa can be purchased upon payment of US$500,000 to Goldenreef.
The Amansie West concession covers approximately 44 square kilometers in the Asankragwa Gold Belt/Kumasi Basin and is approximately 5 km northeast of the previously producing (750,000 oz) Obotan Mine. Stream sediment sampling performed as part of our due diligence program prior to entering into this Option agreement returned gold values up to 413 ppb and displayed elevated values throughout the entire concession.
Drilling is ongoing at the North Ashanti Gold Project, with preliminary results from the Beposo Resource Zone returning significant widths and grades such as 32 metres ("m") of 1.41 grams/ton ("g/t") gold; 28m of 1.14 g/t gold; 28m of 3.50 g/t gold and 52m of 1.87 g/t gold and preliminary results from the Beposo Southeast parallel zone returned significant widths and grades such as 24m of 2.81 g/t gold and 16m of 4.01 g/t gold. Drilling is currently underway at the Anuoro North gold zone. Final results will be released upon completion of this phase of the program and receipt of all assays.
The Company has signed a Confidentiality Agreement with Newmont Ghana Gold Ltd. ("Newmont") and provided Newmont with a complete data disk of our exploration programs on the North Ashanti Gold Project. Newmont also requested permission to enter unto AMI's North Ashanti properties to carry out regional scale BLEG stream sediment sampling and gravity surveys. It is expected the sampling density for BLEG will be approximately 1 sample per 5 sq kms. The gravity stations would be at a spacing of 1 km on major roads throughout the area. This program will commence immediately and Newmont undertakes to provide AMI copies of all data collected on AMI properties.
Simon Meadows-Smith, principal of SEMS Exploration Services Ltd., is the qualified person responsible for the preparation of the technical information in this news release.
On behalf of the Board of Directors,
"Dustin Elford"
Dustin A. Elford, President
Stock Price & Market Cap.
| TSX – V: AMU | 0.055 CAD 0.00% |
| Market Cap.: | 3.39M CAD |
Updated at 3:59pm on 2 Feb 2012
Share price information
Major Indices & Gold Price
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| TSX Venture | 1665.11 | +0.27% |
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| Gold ($/oz) | 1725.10 | -1.80% |
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Reports On Drilling Deba April 2010
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SEMS Resource Report May 2008
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