ABBOT GRP. ORD 15P : Acquisition of Aviva Mining Kenya Satis
25 oct. 2012•19:06
African Barrick Gold plc (the Company or ABG)
Final Condition for Acquisition of Aviva Mining Kenya Ltd Satisfied
Following the unanimous approval by Aviva shareholders on 11 September 2012, the Kenyan Competition Commission has now formally approved the acquisition by ABG of Aviva Mining (Kenya) Ltd (AMKL) from Aviva Corporation (Aviva). All conditions have now been satisfied and the transaction will now be finalised.
Commenting on the acquisition, ABGs CEO Greg Hawkins said, With the final condition for the acquisition of AMKL now satisfied we look forward to continuing the successful exploration programme on this highly prospective land package. ABG has a proven track record of successfully developing early stage prospects into large scale deposits and we are confident of further successes in Kenya.
On completion of the acquisition of AMKL, we plan to continue systematic exploration programmes throughout the licence areas testing for new gold targets and we are targeting advancing one or more projects to resource category level during 2013. These exploration programmes will consist of mapping, soil and rock chip sampling campaigns, auger and aircore drilling, and reverse circulation and core drilling. The current core drilling programme is testing high priority regional targets in order to gain a better understanding of the geology and key controls on the gold mineralisation encountered at each prospect and to allow ranking of targets for future programmes.
Recent drill results, funded by ABG and released by Aviva, around the Kakamega Dome from the Bushiangala, Kimingini, Dhahabu and Isulu prospects have delivered some high-grade gold intersections within a greater than 30 kilometre structural corridor extending from the historic Rosterman gold mine (approximately 250,000 ounces of gold at 13 grams per tonne) in the northwest to the Dhahabu prospect in the east (Figure 1). Selected, previously announced, results from the Kakamega Dome gold camp have included:
? ASBSDD0001: 20m at 9.41g/t Au from 29m and 1m at 1205g/t Au from 101m
? ASRC019: 7m at 8.29g/t Au from 98m
? ASRC021: 17m at 7.20 g/t Au from 25m
? ASBSDD006 6m at 5.02g/t Au from 38m and 16m at 5.91g/t Au from 58m
? ASBSDD010: 11m at 3.96g/t Au from 49m and 2.93m at 7.77g/t Au from 97m
? ASBSDD012: 9m at 13.05g/t Au from 6m
? ASRC025: 9m at 12.7g/t Au from 139m
? ASKDD003: 3m at 5.31g/t Au from 228m
? ASKDD004: 3m at 10.23g/t Au from 156m
? CKIB01: 62m at 2.45g/t Au from 42m
? KIB-01: 10m @ 5.9g/t Au from 43m
? KIB-02: 7m @ 5.4g/t Au from 42m
? KIB-03: 10m at 5.7g/t Au from 29m
We believe there is an opportunity to identify several significant scale projects in the structural corridors around the Kakamega Dome, and ongoing drill programmes will target extensions to the known gold zones between individual prospects to delineate sizeable mineral deposits.
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