Noble Mineral Resources (NMG) is pleased to announce that it has acquired a major Ghanaian gold mine and contiguous exploration licences totalling 100 square kilometres that will immediately transform the company into a substantial producer with significant mine life and significant exploration potential.
Noble has agreed to assume the existing obligations of Central African Gold Ghana Limited in return for 100 per cent ownership of CAGG. The total consideration includes the restructuring of the existing Investec debt facility to CAGG. Investec has granted Noble a two-year moratorium on debt re-payments, allowing Noble to establish its cashflows from Bibiani and to invest in the re-development of the mine.
Bibiani boasts a processing plant with an annual capacity of 2.7 million tonnes and a significant mining fleet in good working order. Included in the acquisition is a fully operational mine site with mine workshops, accommodation, a hospital, a school and a working fleet of light vehicles. All CAGG staff will be retained pending an operational review by Noble. Noble proposes to initially raise $5.4 million through a share placement at 27 cents a share.
www.nobleminres.com.au
