Gemstones of Africa sigs option agreement for two gemstone licences in Tanzania
05 June 2009
Gemstones of Africa, the AIM quoted mineral explorer focused on Tanzania, has signed an option agreement with Javan Investments Company Ltd (JICL), a private Tanzania registered company for two prospecting licences in Tanzania.
The two prospecting licences have been granted for gemstones and occur in south-eastern Tanzania with a total area of 19.54 sq km. The area is known to host sapphires, green and red garnets, and rubies, with a number of artisanal workings nearby.
Under the terms of the agreement GoA will acquire an initial 25% interest in both licences for US$15,000 per licence. GoA will have the sole right and option to purchase an additional 60% beneficial interest in the licences, within 24 month of signing the agreement, in exchange for a cash payment of US$75,000 for each individual licence.
The company has a further option to purchase an additional 13% beneficial interest in the licences, within 48 month of signing the agreement, in exchange for either a cash payment or the issuing of common shares, or a combination of both to the equivalent of US$200,000 for each individual licence.
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