Wednesday, 26th October 2005 (5170 views)

Mining firm North Atlantic has bought the Massala gold project in Mali.

The project is 241 square kilometres in size, and is not far from the company's previous project in Southern Mali.

North Atlantic will make a deposit of $40,000 and then make yearly payments of $50,000, $60,000, $70,000 and finally $150,000.

It has also conducted extensive testing in the area, and so far results have been positive. Samples have confirmed the presence of four gold and arsenic anomalies.

President and chief executive office of North Atlantic, Dr Jon North, was excited about the acquisition.

He said: "We will quickly complete approximately 2,500 meters of air core drilling at the project to determine the nature and significance of the gold in the saprolite and bedrock below the soil anomalies."

 

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