Nordgold Signs Option Agreement for the Arakaka Project in Guyana
London, United Kingdom, 19 June 2019 — Nord Gold SE (Nordgold or the Company), the internationally diversified gold producer, announces that it has entered into an Option Agreement with Alicanto Minerals Ltd (ASX: AQI) (Alicanto) for the exclusive right to acquire a 100% interest in the Arakaka Gold Project, Co-operative Republic of Guyana (the Agreement).
Under the terms of the Agreement, Nordgold will have an option to acquire a 100% interest in the Arakaka Project by sole funding US$3 million in exploration expenditure within a one year option period, and paying an additional US$5 million to Alicanto to exercise the option.
The Arakaka Gold Project is located in Guyana’s Northwest Mining District with a permit area totalling 300 square kilometres. Alicanto will remain operator of the project for the first 12 months overseeing the exploration programme with the drilling campaign to commence as soon as practicable with Nordgold having funded a minimum of US$1.5 million. Currently, exploration activity at the Arakaka Project is focused on four well defined target areas with near to medium term resource potential.
We are excited to further strengthen our international exploration portfolio with this highly prospective gold project in Guyana. The Option Agreement is line with our strategy of further growing our portfolio of attractive prospects, and it follows other similar agreements we have successfully made in the past. We expect to confirm the Arakaka Project exploration potential within the next twelve months giving us the opportunity of exercising the option to acquire a 100% interest in the project. Nikolai ZelenskiChief Executive Officer of Nordgold
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