Exploration and mining company Panex Resources has entered into an agreement with Amani Consulting to acquire 65% interest in two tenements of a prospective gold project in the Moto Gold Belt of Oriental Province, Democratic Republic of Congo.
The agreement is subject to the company completing a due diligence review to its satisfaction within a month, including receipt of necessary approvals from authorities.
According to the terms of the agreement, on the date of completion of due diligence, Panex will have to pay $1m to Amani and will issue 200 million shares to Amani and its associates.
Panex will issue another 33 million shares after discovery of 3Moz of proven gold reserves.
The two tenements, with exploitation licences 5046 and 5049, cover 610km2 of prospective ground at Giro in the Oriental Province. The tenements are located within 30km to the west of Randgold Resources’ Kibali gold deposits.
The area at Giro has not been explored for over the last five decades and has never been subjected to modern exploration, claimed Panex.