(Ecofin Agency) - Volcanic Gold concluded a binding MoU to acquire up to 100% of Jofema Mineral Resources, a private company registered in Côte d’Ivoire whose assets include Debo and Soubré gold licenses (over 600 km²).

Volcanic would have to pay $8 million, half as cash and the remaining as shares in the company under the terms of the agreement. It will also finance exploration activities at the above-mentioned properties.

 This is of great benefit for Volcanic as it will complement its properties in Mandiana district (Guinea). The company will also benefit from a “valuable consolidation opportunity” for its portfolio in one of the largest African mining jurisdictions. The company’s goal is to build multimillion-ounce mines in “under-explored” West African countries such as Guinea, Côte d'Ivoire, and neighboring nations.