Emerging West Africa focussed resources company Volta Mining Limited (VTM) is pleased to announce it has entered into a binding Heads of Agreement with Core Mining Limited pursuant to which Volta Mining, through its 100% owned Mauritian subsidiary, Volta West Africa Limited, will acquire 100% interest in Core Mining Gabon SARL, the holder of the Kango Iron Ore Project in Gabon. The Kango Iron Ore Project is located approximately 15km from the Trans-Gabon Railway, a bulk haulage multi-user railway, that runs approximately 125km to Owendo Port, Regional geophysical data identifies a 60km aeromagnetic anomalous zone Surface samples taken throughout the licence by Core indicate the presence of iron mineralisation with grades ranging from 39% Fe to 61% Fe. Legal and technical due diligence is underway by Volta Mining and is to be completed within a specified 30 day period. Core is to become a ~15% shareholder in Volta Mining upon completion. The Kango Iron Ore Project is located within the northwest margin of the Archaean Congo Craton within West Central Africa and covers a total area of 1,818km.
Managing Director of Volta Mining, David Sumich said, “The acquisition of the Kango Iron Ore Project is synergistic in terms of operations, exploration and future infrastructure with Volta Mining’s landmark Mbombo Iron Ore Project acquired in August and as such we believe it will help position Volta Mining as a significant iron ore participant in West Africa.” Socrates Vasiliades, CEO of Core, commented, “We look forward to being a key shareholder of Volta Mining and the continued exposure to the Kango Project that this will provide. The current focus of Core remains developing our world class asset, Avima, in the Republic of Congo .”
Volta Mining Limited (VTM) is an emerging West Africa focussed resources company based in Perth, Australia with current interests in the acquisition, exploration and development of iron ore and gold assets. Core Mining is a private company incorporated in the British Virgin Islands that is focussed on the exploration and development of world class iron ore projects in Central and Western Africa. Its current focus is fast tracking the development of its Avima Iron Ore Project in the Republic of Congo through to production. Core has received significant investment from Glencore International AG, one of the world’s leading integrated producers and marketers of commodities to industrial customers around the world; and OAO Severstal, one of the world’s leading integrated steel and mining companies.