US based Alaska Pacific Energy (APEC) has purchased 80% of 60sq km Handeni 84/97 gold property in the United Republic of Tanzania from Sundance Gold for development and exploration.
The Handeni area of Tanzania is a leading gold mining area in Tanzania, and the property bought by APEC is situated between current production and new found deposits.
APEC is initiating a detailed exploration program on the property, where Canadian company Canaco Resources made a major gold discovery last summer to the northwest of acquisitio.
This geological setting is now accepted to generate sizable mineralized deposits.
The property has never been mined before, and is expected to produce its maximum over decades.
APEC is currently considering development of the area through a joint venture with assitance from other mining firms in the area.