Viking Mines (ASX:VKA) shares were up 37.5% today as money began to flow into the company again from the previously stalled sale of its Akoase gold project in Ghana.
Viking stock was last trading at A$0.011 compared to a $0.008 close yesterday.
The bounce coincided with the restart of payments from Akoase Resources regarding a June sales deal between the two companies valued at US$10 million.
As recently as earlier this month, Viking had confirmed that Akoase had failed to make a due payment of US$1.7 million as part of the second instalment in the compensation agreement.
To date, Akoase has paid Viking US$360,000 of the overdue amount.
News today that Akoase is beginning to honour its obligations comes as the two companies negotiate a new payment schedule for the balance of the overdue US$1,350,000.
This effort is aiming to arrange the payment to Viking within as short a period as possible and within the constraints of the recent Chinese Central Bank restrictions.
The Akoase project is an advanced exploration gold project located approximately 125 kilometres northwest of Accra in Ghana’s Ashanti Gold Belt.
It hosts a classified Inferred resource of 790,000 ounces of gold and is only 25 kilometres from Newmont Mining’s 8-million-ounce Akyem gold mine.
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