Modupe Gbadeyanka
By Modupe Gbadeyanka
Desert Gold Ventures Inc has announced closing its private placement, noting that it issued 2,860,800 units at a price of CAD$0.25 per unit, raising gross proceeds of CAD$715,200.
Securities issued resulting from this private placement will be subject to a statutory hold period. However, the private placement is subject to approval by the TSX Venture Exchange.
Also, Sodinaf International SA has become financial and strategic partner in Western Africa and Mr Salif Keita is appointed to the position of Vice President of Operations, West Africa.
Desert Gold outlines $1.5 million exploration program for its gold exploration portfolio in Western Mali.
It was gathered that Sodinaf International SA subscribed for 2,760,800 units representing the majority of the placement.
Sodinaf is a West African gold mining company that owns a 55 percent interest in the Kodieran Mine in Southern Mali as well as a substantial gold exploration portfolio in Western Mali and Ivory Coast.
The Kodieran gold mine is situated approximately 300 kilometres southeast of Bamako, the capital of Mali.
The mine and associated mining lease is operated by Wassoul Or SA a private joint-venture company where Sodinaf is the majority shareholder at 55 percent.
The Kodieran mining license and regional land package is situated on the West African Birimian greenstone belt; one of the most prolific belts in Western Africa where approximately 52 million ounces of gold resources have been discovered to date. The Kodieran mine is an open pit mining operation using a gravity plant that operates at a capacity of 11,000 tons per day.
Desert Gold and Sodinaf will form a strategic partnership to develop Desert Gold’s exploration licenses in Western Mali. The two companies will combine operational and financial resources to undertake exploration programs this year at all three of the Company’s properties in Western Mali.
Mr Keita is a senior geologist with over 14 years of experience in exploration and mining production. The majority of Mr Keita’s regional experience is in the Birimian Green Stone Belt in West Africa where he held senior positions with Anglo Gold Ashanti, Gold Fields and Great Quest Metals.
He holds a B.Sc. Geology (Honours) from the National School of Engineering, Bamako, Mali and will work with Desert Gold’s technical directors to oversee the Company’s exploration efforts in Western Mali.
Exploration will begin at the company’s highly prospective Farabantourou prospect where an indicated and inferred resource of 69,600 oz Au exists known as Barani East (969,000 tons at 2.25 g/t oz Au with a 0.5 g/t cutoff grade)1.
Farabantourou is located on the Senegal-Mali Fault Zone (“SMFZ”) 40km south of the AngloGold Ashanti Sadiola/Yatela Mine and 50km north of Randgold’s Loulou Mine. Both these mines are on the SMFZ.
In addition to the Barani East deposit, Farabantourou hosts 6 other mineralized zones that are largely underexplored and which combine to form nearly 5 km of strike.
Phase 1 of the exploration program will consist of a core-drilling program to reduce drill spacing on the current resource, as well as step out to drill new targets along strike to the south and west known as Kousilli and Dambamba.
In addition to this, the company will undertake to drill several deep holes at Barani East to depths up to depths of 400 meters. Phase 1 plans for a total of 6,000 meters of core drilling with work scheduled to begin immediately.
