Mining firm Predictive Discovery signed with Canadian Progress Minerals a Joint-Venture (JV) agreement over its gold exploration permits in Burkina Faso. In effect, the JV aims at developing a mine on Predictive’s prospects. The JV aims to advance towards a future multi-pit mine development on Predictive’s gold prospects.
Under the agreement, Progress Minerals can acquire a stake of up to 70% in the project against $5 million to finance a program of exploration and evaluation.
Funding will be in three phases. The first involves the provision of $1 million for a 51% stake, the second will involve the disbursement of additional $1.5 million to increase its stake to 60%, and the last to acquire 10% for $2.5 million.
According to Paul Roberts, MD Predictive, drilling should start by October and end in December, this year. The executive of course recalled the JV agreement that already links the two firms on the Bobosso project in Côte d’Ivoire.