Banka Gold (Ghana), a wholly owned subsidiary of gold producer Goldplat, has completed the acquisition of the Banka mining lease from Gulf Coast Resources.

The mining lease is located in the Amansie East and Asante Akim South Districts of the prospective Ashanti Region of Ghana.

This is a ten-year renewable mining lease for gold and associated minerals, granted by the Government of Ghana, over an area of approximately 29 square kilometers.

The lease is held subject to a 10% carried interest owned by the Government of Ghana, and Gulf Coast Resources is entitled to get a net smelter royalty of 1.5% of gold sold.

Goldplat CEO Demetri Manolis said that the Banka mining lease represents a substantial gold prospect in the Ashanti Region of Ghana, a prime district for gold project development.

"Work completed to date indicates the prospectivity of the license area and we plan to establish a JORC compliant resource, and ultimately commence a significant mining operation," Manolis said.