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Taurus Gold, Randgold Announce Joint Venture

Taurus Gold Limited, a private exploration company operating in West Africa, is pleased to announce that it has entered into a joint venture (JV) agreement with Randgold Resources (Mali) Limited, a subsidiary of Randgold Resources Limited (LSE: RRS)(NASDAQ: GOLD) ('Randgold'), to explore and potentially develop the Bakolobi Gold Project ('Bakolobi' or 'the Project'), located 30km south of Randgold's Loulo Mine in Mali's south western region.Pursuant to the terms of the JV Agreement:-- Randgold is to fund all costs up to and including the completion of a pre-feasibility study for the Project as well as minimum annual work commitments;-- The initial participating interests in the JV will be 51% Randgold and 49% Taurus up to the completion of the pre-feasibility study;-- Thereafter Randgold may earn up to a 65% interest in the JV by funding the preparation of a feasibility study if Taurus elects not to, or fails to fund its proportionate share of the cost thereof; and-- Following the completion of the feasibility study, each party will be required

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Posted-In: News Guidance Contracts Management Global

 

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