Perseus Mining Ltd (ASX:PRU, TSX:PRU, OTC:PMNXF) has provided relevant materials and information for a special meeting of Orca Gold Inc (TSX-V:ORG) shareholders, scheduled to provide a final decision on the acquisition of all outstanding common shares by Perseus.
The meeting will be held on May 16, 2022, and, assuming requisite approvals are obtained, the acquisition agreement is expected to be completed on May 19, 2022.
In the meantime, Perseus has been working closely with Orca management to plan the integration of the two companies and enable the development of Orca's Block 14 Gold project, which the companies plan to action as soon as possible.
Orca’s Block 14 Gold Project
Orca owns a 70% interest in the Block 14 Project and a 34% strategic interest in Montage Gold, which has projects in Cote d’lvoire, home to two of Perseus’ projects.
According to Cormark Securities Inc, Block 14 has some of the best potential of any undeveloped gold deposit in Africa, forecast to produce 228,000 ounces of gold per year at US$751 per ounce, with an estimated capital expenditure/AISC (all in sustaining cost) of US$321 million.
Perseus has moved to acquire Orca and Block 14 in an effort to capitalise on and enhance its West African gold exposure, an area Perseus has become comfortable operating in.