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AMI (TSX.V:AMU) ANNOUNCES NEWMONT GRANTED AN OPTION TO EARN INTO THE ANUORO LICENSE
Category: Investment, Gold, Mining
Vancouver, B.C. – January 29, 2010 - The Company, through its operating subsidiary AMI Africa Exploration Ltd. (“AMI”), wishes to announce that it has entered into an agreement with Newmont Ghana Gold Limited (“Newmont”), a subsidiary of Newmont Mining Corporation (NYSE:NEM). Under the agreement Newmont has the right to earn an initial 51% interest in the Anuoro license by spending US $2 million in work expenditures and property payments during the first 3-year period. A minimum of US$550,000 in work expenditures and property payments is required in the first year.
Upon Newmont earning a 51% interest, both AMI and Newmont will enter into a Joint Venture Agreement under which Newmont will have 90 days in which to elect to increase its interest in Anuoro to 75% by spending an additional US $2 million in work expenditures and property payments over the next two-years.
With the recent 2-year renewal of the 129 sq km Anuoro license, AMI welcomes Newmont’s regional expertise and financial resources to further develop this project.
We seek safe harbor.
For further information contact Dustin Elford, President at 604-669-2901
Disclosure: AMU is a paid advertising client on Investorideas.com and our mining portals.
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