The Directors of Terranova Minerals NL (TNV) are pleased to announce that the Company has entered an agreement to acquire 100% of the Manica Gold Project, Mozambique (Project) which has a JORC compliant gold resource of approximately 3 million ounces from AIM listed Pan African Resources plc.
Commenting on the proposed acquisition, Terranova Minerals Chairman Ben Bussell stated, “The Manica Gold Project is an exciting opportunity for the Company to acquire an advanced stage gold project with significant resources, in a favorable mining jurisdiction. In addition to the outstanding asset, the Company has obtained a very solid management and technical team”. “The Company has negotiated a strong, constructive and performance based agreement tied to the continued exploration success and ultimate production of the Manica Gold Project. The Project is still relatively under explored; drilling has only targeted 2km of an identified strike length of 27km. The incoming team has outlined several drill ready targets that will start a round of high impact exploration work in the first quarter of 2013. We believe this will lead to significant upside in the resource potential and will drive shareholder growth”.