Altus Strategies announced that it has granted Indiana Resources an extension to the exclusivity period to now end on 14 June 2019, for completing due diligence on the company’s Lakanfla and Tabakorole gold projects.
Lakanfla is located 6km southeast of the Sadiola gold mine in western Mali and Tabakorole is located in southern Mali.
Indiana has requested the Extension in light of the time required to process the substantial amounts of historical data which exists on the Projects. If publically disclosing the historical data, Indiana will be required to do so in accordance with ASX reporting standards.
The Extension is further to the announcements by the Company of 7 February 2019 and 13 March 2019 in respect of the signing of and an extension to a non-binding Terms Sheet for a joint venture (“JV”) with Indiana on the Projects, whereby subject to entering a definitive agreement (“Agreement”) with Altus, Indiana will have the option to earn up to an 85% interest in Legend Mali (BVI) II Inc., a wholly owned subsidiary of the Company and which holds a 100% interest in the Projects.
Indiana may earn its interest in the Projects by funding their exploration and development and in return the Company will receive milestone based cash and equity in Indiana, retain a 2.5% Net Smelter Return royalty on the Projects and be the operator of the JV during the initial earn-in periods. The Agreement remains subject to due diligence and other conditions precedent.
Source: Company Press Release