LONDON: Altus Strategies, the Africa focused project and royalty generator, announced the successful completion of the royalty and property sale transaction with Desert Gold Ventures Inc. on the Company’s contiguous Sebessounkoto Sud and Djelimangara gold projects located in western Mali.
The transaction has closed in accordance with the Term Sheet between Altus and Desert Gold, as announced by the Company on 28 August 2019.
Steven Poulton, Chief Executive of Altus, commented: “We are delighted to have closed this gold royalty and property transaction with Desert Gold on the highly prospective Sebessounkoto Sud and Djelimangara projects in western Mali”.
In return for a 100% interest in the Projects, Altus will receive an initial consideration of 3,000,000 Desert Gold shares with a current value of approximately C$420,000, a 2.5% NSR royalty on the Projects and US$50,000 in cash.
Subject to defining a one million ounce gold resource, Altus will also receive from Desert Gold up to an additional 5,000,000 Desert Gold shares, with a current market value of approximately C$700,000 and up to US$200,000 in cash.
“Through our shareholding in Desert Gold Altus gains exposure to a substantial 407km2 land package, which incorporates a 38 km long section of the prolific Senegal Mali Shear Zone. Desert Gold have an aggressive exploration programme planned for this area in the coming year, including approximately 15,000m of drilling. We look forward to the results from that work programme in due course”.
In addition to the transaction with Desert Gold, Altus recently announced an extension to the exclusivity period for the completion of the proposed Joint Venture with Glomin Services Ltd on the Company’s Lakanfla and Tabakorole gold projects in Western & Southern Mali respectively.
“Only our most advanced gold asset in Mali, namely the Diba project, is not currently subject to a transaction”. Diba has a historic oxide resource, not in accordance with NI 43-101, and is contiguous with the Sadiola mine permit.
“The completion of this transaction with Desert Gold, further underscores our clear strategy of making and monetising discoveries in Africa to grow a valuable portfolio of project, equity and royalty interests”.
Altus has entered into a definitive Sale & Purchase agreement and a Royalty agreement with Desert Gold resulting in Desert Gold acquiring a 100% interest in Legend Mali Holdings, a formerly wholly owned subsidiary of Altus. Through its Malian subsidiary, Legend Mali holds a 100% interest in the Projects.
