Brief: Acacia Mining says gets approval for Gokono mine in Tanzania

Sarama Resources

27/11/2014 07:00

Nov 27 (Reuters) - Acacia Mining Plc  ABGL.L : 
    * Company's name changed to Acacia Mining from African 
Barrick Gold Plc 
    * Approved the definitive feasibility study into developing 
an underground operation at the Gokona pit at North Mara 
    * First ore anticipated in H1 2015, Gokona pit and will 
require total pre-production capital expenditure of $37 million 
    * Underground project at gokona pit is expected to produce 
450,000 ounces over a five year life of mine, with all in 
sustaining costs of under $750 per ounce 
    * Entered into an earn-in deal with sarama resources ltd 
whereby acacia can earn an interest of up to 70 percent 
    * Expenditure of up to $14 million in staged payments over a 
four year period at Sarama's highly prospective South Houndé 
project in Burkina Faso 
 
Source text for Eikon:  ID:nPRrRE428a  
Further company coverage:  ABGL.L  
 
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Keywords: AFRICAN BARRICK/BRIEF