Panthera Resources PLC (AIM:PAT) has entered into definitive agreements with DFR Gold and Maniger to restructure the ownership interests in the Kalaka gold project in Mali and the Paimasa, Dagma and Dext gold projects in Nigeria.
After the restructuring, Panthera will own 100% of Maniger, and consequently increase its relevant interest in the Kalaka Project from 40% to 80%.
The remaining 20% interest in the Kalaka project will continue to be owned by a local partner, Golden Spear Mali.
Panthera will no longer hold any interests in the Nigerian projects and as part of the restructuring will pay DFR approximately US$68,000 to settle intercompany loans.
Mark Bolton, Panthera’s managing director said: "Following a recent re-evaluation of the historical database at Kalaka and improved gold prices, the company has elected to expand its focus at Kalaka.
“The change in ownership interest in Kalaka better aligns with its planned activities.
“We believe that Kalaka is a significant mineralised gold system with the potential for a multi-million-ounce gold resource.
“The company believes that the strong gold price will underpin a lower grade, bulk tonnage development strategy."