Mali : Cradle Arc signs a joint venture agreement with Indiana resources for Kossanto West’s development
Monday, 10 September 2018 14:15
Cradle Arc announced that its subsidiary Caracal Gold Mali has concluded a joint venture agreement with Indiana Resources for Kossanto West’s exploration and development. The 137 km2 gold project includes Kobokoto East and Koussikoto permits.
Under the terms of the agreement, Indiana Resources will finance the activities until the pre-feasibility studies are conducted and will own 65% of the projects while Cradle Arc will own 35%. Once the joint venture is formed, development costs will be shared by the two parties.
“This agreement enables Cradle Arc to advance its highly prospective West African gold assets, whilst maintaining its primary strategic focus on the development of the Mowana copper mine [ed.note: in Botswana]”, Kevin van Wouw, Cradle Arc’s CEO commented.
The initial work plan at Kossanto West includes a new geological mapping, potential coring and digging as well as exploration drilling. It will be executed within 12 months by Mukuyu Resources, Indiana Resources’ subsidiary.
Louis-Nino Kansoun
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