Discovery Africa (ASX:DAF) formerly Baru Resources (ASX:BAC) has executed a memorandum of understanding with respect to acquisition of 6 lithium mining claims in Namibia.
Pursuant to the agreement, Discovery will Conduct due diligence on the project over a period of 12 months, commencing in the second week of January 2014, following completion of an environmental management program, if required.
Discovery will pay the vendors $25,000 within 12 business days of completing due diligence, assuming satisfaction with the tenements.
The company will provide further details on these projects once due diligence has been completed.
Discovery is currently focused on its Area 51 graphite project in Namibia, and is capitalised at around $6 million.
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