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AngloGold Ashanti announces Alaskan sale
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World number two gold miner AngloGold Ashanti has announced it plans to sell its Alaskan mineral exploration properties.
According to the group, it has signed a Letter of Intent with Toronto-listed International Tower Hill Mines for the sale and option of all of the Alaskan properties and associated databases to ITH.
Under the terms of the agreement, AngloGold Ashanti will vend to ITH a 100 percent interest in six Alaskan exploration properties (Livengood, West Pogo, Coffee Dome,
Gilles, Caribou, and Blackshell) covering a total of 246 square
kilometres.
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ITH shares for AngloGold
In consideration for the sale, ITH will issue to AngloGold Ashanti 19.99 percent of its issued shares following the acquisition and the completion of equity financing to raise a minimum of $10-million for future exploration activities. |
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ITH has initially arranged a non-brokered private placement for the issue of up to eight million units (comprising one common share and one-half common share warrant) at Can$0.56 per unit, for gross proceeds of Can$4.48-million.
In addition to vending to ITH a 100 percent interest in these six exploration properties, AngloGold Ashanti will also grant ITH the exclusive option to acquire a 60 percent interest in each of its LMS and Terra projects by incurring $3-million of exploration expenditure on each project within four years of the grant date of the option.
Credit: I-Net Bridge
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