The Company’s primary objective is to focus on advancing their two 100% owned gold mines based in the Democratic Republic of Congo
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- Vector resources is conducting a placement of 180 million fully paid ordinary shares to raise $3.24 million.
- Joint venture agreement signed with Société d Minière de Kilo Moto (“SOKIMO”) for the exploration and development of Kibali South and Nizi gold projects in the Democratic Republic of Congo (“DRC”). Exclusive right to negotiate for the acquisition of between 60% and 70% of the Kibali South and Nizi Gold Projects in the DRC.
- Funds will be used for Advancing the Kibali South and Nizi/King Leopald Mine Joint Venture and for General Working Capital
- Key opportunity for Vector assist SOKIMO and the DRC government to accelerate production from two of its 100% owned gold projects.
- Well positioned to consult with SOKIMO on other gold projects in the DRC.
- Kibali South Gold Project returned to SOKIMO under obligation to locate, drill and return new deposits that may be mined conomically by Randgold Resources Limited (NASDAQ: GOLD, LSE:RRS)(“Randgold”) and Anglo Gold Ashanti (JSE: ANG, NYSE: AU, ASX: AGG)(“Anglo”).
- Kibali South lies directly south of Randgold and Anglo Gold’s Kibali Gold Project – considered to be the largest operating gold mine in Africa.
- Nizi Gold Project – represents a sizable land holding in the DRC, housing the previously mined (50’s and 70’s) King Leopold Mine.
- Vector to complete due diligence over next 90 days – terms for acquisition of Kibali South/Nizi will be negotiated during this period.
Vector currently owns the Maniema Gold Project in the DRC, which was acquired in December 2016. The Maniema Gold Project is located in the world renowned and under explored Twangiza-Namoya Gold corridor. The Project comprises seven granted exploitation licences that cover an area of over 500km2.