By David Press on
1/12/2011 2:20 AM
Australian listed gold exploration junior, Carbine Resources Limited (CRB-ASX
) has yet to define a resource at its West African gold permits in Burkina Faso, yet is already creating excitement amongst management and shareholders alike. Many of whom have ridden a wave of success with sister company, Ampella Mining Limited(AMX-ASX
), also with projects in Burkina Faso, and will be looking for similar success with Carbine Resources.
Carbine and Ampella share more than just members of their management teams. CRB came to an agreement with AMX to earn in to AMX's Madougou project in late 2009. The terms of the deal included payment of $3m over 3 years to earn 51%, a further $2m for 70% and funding of pre-feasibility over 12 months for 80%, after which the project remains a JV between the two companies. Initially the project comprised 2 permits and land area of 465 km², however since earning into the Madougou project, Carbine has proceeded to significantly increase land holdings to 7 permits and 1327 km². The five new permits are not part of the Ampella JV and are held by Carbine only.