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Wednesday, 21st May 2008 (1344 views)

Canadian exploration company Avion Resources gas agreed a deal for an 80 per cent interest in two gold projects located in Mali, west Africa.

The company has acquired the Tabakoto and Segala properties from Nevsun Africa. The remaining 20 per cent holding in each project will be retained by the government of Mali.

Tabakoto is a former gold mine that has mining infrastructure and processing facilities already in place, the company said.

Its chief operating officer Andrew Bradfield said Avion would attempt to bring the mine back into production once exploration drilling has been completed to provide an update mineral resource estimate.

Rene Bharti, Avion's president and chief executive, added that the acquisitions represented an "exciting day" for the company, as both Tabakoto and Segala "offer significant potential" to increase the company's known gold resources.

Don Dudek, senior vice-president of exploration for the company, said it would now embark on a 15,000-metre drilling campaign to confirm existing deposits and target new prospects.

Mali is a landlocked nation in Africa's north-west. It shares its borders with Algeria to the north, Niger, Burkina Faso, Ivory Coast, Guinea, Senegal and Mauritania.

 

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