Figure 1: Location of Volta Resources' permits exchanged with Randgold Resources.
- Increases Kiaka Area Holdings by over 800% from 184km2 to 1,661km2 -
TORONTO, Feb. 15, 2012 /CNW/ - Volta Resources Inc. ("Volta Resources" or the "Company") (TSX: VTR) announces that it has signed a Permit Exchange Agreement ("Exchange")
with Randgold Resources ("Randgold") whereby Volta Resources is
exchanging one permit ("Permit") in Burkina Faso (Kampti) and two in
Mali (Massabougou and Diele) for eight of Randgold's Permits in Burkina
Faso (Daworo, Tiakane, Bourou, Basgana, Yibogo, Safoula, Nakomgo and
Tanema) nearby, and contiguous to, Volta Resources' Kiaka concession in
southern Burkina Faso (See Figure #1).
The new Permits are all located in close proximity to Volta Resources'
flagship Kiaka Gold Project, where the Company has already outlined NI
43-101 compliant resources of 90.29 million tonnes @ 1.04 g/t Au for
3,018,000 ounces in the Measured and Indicated categories and 38.52
million tonnes @ 1.00 g/t Au for 1,260,000 ounces in the Inferred
category (Please see VTR press release dated June 29, 2011). The
properties share the same prospective geological characteristics, being
located within or close to the Markoye Fault Corridor, which also hosts
Iamgold's Essakane Mine (6.1 million ounces), High River Gold's Taparko
Mine (1.7 million ounces) and Orezone's Bombore Project (3.5 million
ounces). The new properties straddle northeast trending Birimian
greenstone belts that have been impacted by extensive shearing along
the Markoye Fault.
Volta Resources will group the Permits into two project areas:
the Greater Kiaka Project Area, including Kiaka, Tanema, Basgana,
Safoula, Yibogo and Nakomgo
the Po Project Area including Daworo, Tiakane and Bourou.
Kevin Bullock, Volta's CEO, said "The acquisition of these new
properties consolidates a very significant position for Volta Resources
along one of the most prospective gold bearing structures in Burkina
Faso. We are confident that insights gained at Kiaka Central, where we
have already identified a robust resource, along with the recently
announced high grade intersections at Kiaka South, will enhance our
chances for further exploration success. Regional exploration
undertaken by Randgold has identified several targets on the ground and
we have already planned follow up work to bring some of them to drill
ready stage by the next field season."
Under the terms of the agreement:
Volta Resources has agreed to transfer 100% of its interests in Kampti,
Massabougou and Diele in return for 100% of Randgold's interest in
Daworo, Tiakane, Bourou, Basgana, Yibogo, Safoula, Nakomgo and Tanema.
The Agreement is conditional on, amongst other things, the approval of
the Exchange being obtained from the Direction Générale des Mines, de
la Géologie et des Carrières ("DGMGC") in Burkina Faso, and the
approval of the exchange being obtained from the Direction Nationale de
Géologie et Miniére ("DNGM") in Mali.
If either party wishes to develop a project within an exchanged Permit,
and requires to dispose of an interest in the Permit, it shall give the
other party an irrevocable option for a period of 30 days from
receiving such notice, to a right of first refusal to participate in
If Randgold determines that a project associated with one of the former
Volta Resources Permits, that it then holds, does not meet Randgold's
strategic development filters, it shall offer Volta Resources the right
of first refusal to aquire the exchanged Volta Resources Permit.
If either party wishes to transfer a full or part interest to a Permit
to a third party, the offering party shall first offer by notice in
writing to the other party the prior right to acquire the interest.
This provision does not apply to a corporate merger, amalgamation,
reorganization or business combination that a party or its affiliates
that is a public company, may complete.
If either party no longer wishes to continue exploration within any of
the Permits, it will first provide a written offer to return the
relevant Permit(s) to the other party before returning the relevant
Permit(s) to the relevant government(s).
Volta Resources is a mineral exploration company primarily focused on
becoming a leader in the identification, acquisition and exploration of
gold properties in West Africa. The Company is currently fast-tracking
its flagship Kiaka Gold Project, located in Burkina Faso, toward a
Forward Looking Information Caution:
This press release presents "forward-looking statements" within the
meaning of Canadian securities legislation that involve inherent risks
and uncertainties. Forward-looking statements include, but are not
limited to, statements with respect to the future price of gold and
other minerals and metals, the estimation of mineral reserves and
resources, the realization of mineral reserve estimates, the capital
expenditures, costs and timing of the resources, the realization of
mineral reserve estimates, the capital expenditures, costs and timing
of the development of new deposits, success of exploration activities,
permitting time lines, currency exchange rate fluctuations,
requirements for additional capital, government regulation of mining
operations, environmental risks, unanticipated reclamation expenses,
title disputes or claims and limitations on insurance coverage.
Generally, these forward-looking statements can be identified by the
use of forward looking terminology such as "plans", "expects" or "does
not expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or state that
certain actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved". Forward-looking statements
are subject to known and unknown risks, uncertainties and other factors
that may cause the actual results, level of activity, performance or
achievements of Volta Resources to be materially different from those
expressed or implied by such forward looking statements, including but
not limited to: risks related to international operations, risks
related to the integration of acquisitions; risks related to joint
venture operations; actual results of current exploration activities;
actual results of current or future reclamation activities; conclusions
of economic evaluations; changes in project parameters as plans
continue to be refined; future prices of gold and other minerals and
metals; possible variations in ore reserves, grade or recovery rates;
failure of equipment or processes to operate as anticipated; accidents,
labour disputes and other risks of the mining industry; and delays in
obtaining governmental approvals or financing or in the completion of
development or construction activities. Although the management and
officers of Volta believe that the expectations reflected in such
forward-looking statements are based upon reasonable assumptions and
have attempted to identify important factors that could cause actual
results to differ materially from those contained in forward-looking
statements, there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance that such
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on
forward-looking statements. Volta Resources does not undertake to
update any forward-looking statements that are incorporated by
reference herein, except in accordance with applicable securities laws.
PDF with caption: "Figure 1: Location of Volta Resources' permits exchanged with Randgold Resources.". PDF available at: http://stream1.newswire.ca/media/2012/02/15/20120215_C4620_DOC_EN_10123.pdf
SOURCE Volta Resources Inc.
For further information:
please refer to our website www.voltaresources.com or contact:
Kevin Bullock, P.Eng., President & CEO
Tel: (647) 388-1842
Fax: (416) 867-2298
Andreas Curkovic, Investor Relations
Tel: (416) 577-9927