Ruby Creek Resources has completed its due diligence of the Gold Standard Tanzania assets and is now moving to close the two acquisitions.
Under the first agreement, the company will acquire a recently issued ten square kilometer mining license, two exploration joint ventures of 40 and 89 sq km, a regional environmental report and an established mining camp.
The second agreement is for the acquisition of all mining equipment of Gold Standard Tanzania.
Both agreements are expected to be closed next month which will allow Ruby Creek to begin commercial gold production activities on its first mining license.
Ruby Creek president and CEO Robert Slavik said that the company looks forward to finalizing the agreements and taking the steps towards commercial gold production this summer.