Caracal enters into exclusivity agreement with Tanzanian company
LSE-listed Caracal Gold has entered into an exclusivity agreement with Tanzanian mining and exploration company Pumba Resources in respect of its portfolio of gold prospecting licence applications located in the Geita and Singida regions of Tanzania.
Caracal's management said on August 1 that they believe the partnership with Pumba Resources will create further gold exploration and mining opportunities in the region.
Under the terms of the exclusivity agreement, Caracal has been granted a four-month exclusivity period ending November 30, during which it will conduct legal, technical and financial due diligence on the licences, projects and associated assets.
Upon completion of a satisfactory due diligence review, Caracal has the exclusive rights to finalise commercial terms in respect of a potential exploration and mine development joint venture agreement with Pumba.
The licences are considered highly prospective for gold mining, extraction and development. The Geita and Singida regions are some of the country's largest gold mining areas in Tanzania and are host to major gold mining operations operated by AngloGold Ashanti and Shanta Gold.
Pumba's portfolio of gold prospecting licences extend over an area of about 30 km2 and include PL 30889/2025, PL 30761/2025, PL 30759/2025 and PL 32143/2025.
The company has agreed to issue Pumba Resources with ordinary shares to the value of £50 000 at a price of 0.3p a share as a fee for entering into the exclusivity agreement. The shares will be issued on the resumption of trading in Caracal's shares on the LSE.
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