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Volcanic to Acquire Ivory Coast Gold Properties
Tuesday 13 March 2018

13 March 2018 - Canada-based mining company Volcanic Gold Mines Inc. (TSX Venture: VG) has entered into a binding MOU to acquire up to 100% of near-adjacent exploration permits and perm renewals of JOFEMA Mineral Resources SARL, located in the Ivory Coast, the company said.
Subject to Volcanic completing satisfactory due diligence and to stock exchange approval, Volcanic will have the exclusive right to acquire up to 100% of the issued shares of JOFEMA, by incurring exploration expenditures on the properties over a period of three years totaling USD 5m, and making cash and share payments to JOFEMA.
Additional terms were not disclosed.
This acquisition will complement Volcanic's existing property holdings in the Mandiana district of Guinea, and allow the company to benefit from a valuable consolidation opportunity in a leading African mining jurisdiction.
Volcanic is a mining, exploration and capital markets company team focussed on building multi-m ounce gold resources in the underexplored West African countries of Guinea, the Ivory Coast and their neighbouring countries.
Date Published: 13/03/2018
Target: JOFEMA Mineral Resources SARL
Country: Ivory Coast
Deal Size: 5m (USD)
Sector: Metals/Mining
Type: Corporate acquisition
Financing: Cash and Stock
Status: Agreed
Buyer: Volcanic Gold Mines