Wednesday, 30th March 2005 (3374 views)

Golden Star Resources has announced a new agreement with Societe d'Etat pour le Development Minier de la Cote d'Ivoire Mines to acquire the Afema property in southeast Cote d'Ivoire.

The property currently owned by the Cote d'Ivoire state mining and exploration company was previously known as the Abosio property, according to Rapaport.

Golden Star will have to pay a royalty on gold production to the state based on the gold price.

It will pay $100,000 and have the right to conduct a six month detailed technical study which will then allow the company to acquire all the rights of Afema for $1.5 million.

The land at Afema covers around 1,000 square miles of prospective rocks, it forms part of a belt basin that in Ghana contains multi-million ounce gold deposits.

 

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