Cradle Arc has taken over 100% ownership following an announcement that it has received a formal notice from Randgold Resources in Mali to terminate the joint venture agreement entered between the companies in February 2016.
Kevin van Wouw, CEO of Cradle Arc, said, “Randgold have been an excellent JV partner to Cradle Arc over the past two years and their grassroots regional exploration campaigns have added significantly to our understanding of Kossanto West.
“As a result of the work performed to date, both by Randgold and Cradle Arc, we continue to believe in the prospectivity of Kossanto West and are confident that the extensive gold mineralisation that is present at multiple targets across this expansive 127 km2 exploration project can be further proven up.”
Having received multiple expressions of interest from other exploration companies during the period of the Kossanto West JV, van Wouw said the company is actively seeking a new partner for the continued exploration and advancement of the Licences.
“We will now discuss the best development path with existing and potential partners to continue the exploration work.”
Pursuant to the terms of the JV Agreement, Randgold’s 65% participating interest in the Kobokoto Est and Koussikoto licences will effectively revert to Cradle Arc, such that Cradle Arc will hold 100% of the Licences.
“The Company’s Board continues to believe that Kossanto West is highly prospective having witnessed considerable corporate activity in the immediate vicinity in recent months, including the acquisition of the Kossanto East Gold Project by Ashanti Gold Corp, its former joint venture partner, in August 2017.”