Mr. John Cumming reports
STELLAR AFRICAGOLD NEW EXPLORATION PERMITS GRANTED AND TSX CONDITIONAL APPROVAL RECEIVED FOR BALANDOUGOU SALE
president and chief executive officer of
Stellar AfricaGold Inc., has provided an update.
New exploration permits, Guinea
Stellar's Guinean subsidiary companies, Stellar Guinee SARL and Manding Gold SARL, have received final government approvals completing the issuance of two exploration permits totalling approximately 150 square kilometres.
The granting of these permits satisfies one of the conditions precedent to the $3.85-million (U.S.) ($5.13-million (Canadian)) sale of the Balandougou gold project to Rida Mining Ltd. Stellar and the minority partners own 80 per cent and 20 per cent, respectively, of the Balandougou gold project.
TSX Venture Exchange conditional approval
The TSX-V has granted conditional approval to the sale transaction. TSX-V final approval is subject to Stellar shareholder approval at the annual general meeting scheduled for Oct. 17, 2019.
The only remaining material condition precedent to closing the Balandougou sale is the final approval of the Guinea government to the transfer of the exploitation and exploration permits to Rida Mining. This approval process in well advanced and is expected to be completed prior to the Oct. 17, 2019, shareholders meeting.
New projects for Stellar AfricaGold
As previously announced (news release dated Aug. 22, 2019), Stellar is continuing to actively review and evaluate new exploration property acquisition opportunities in North and West Africa. Further announcements will be made as decisions are taken.
About Stellar AfricaGold Inc.
Stellar AfricaGold is a Canadian exploration company with offices in Vancouver, B.C., and Montreal, Que.
Stellar is focusing on the acquisition, exploration and promotion of new mineral exploration projects in jurisdictions of North and West Africa to create wealth for shareholders.
The technical content of this press release has been reviewed and approved by independent consultant Greg Isenor, PGeo, a qualified person as defined in National Instrument 43-101.
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