Central African Gold acquires DRC gold project, financing
Central African Gold (TSXV:CAGR) announced today that it acquired multiple precious and base metals projects located in the Democratic Republic of Congo.
Central African signed a deal with La Societe Miniere de Bakwanga SA (MIBA) to enter a joint venture to develop and exploit the Musefu Gold Project located in Kasai Central Province in southern DRC.
Kevin Torudag, Senior Advisor to the Corporation, stated: “The Musefu Gold Project is a significant land package controlled by a state owned mining company. It has been of interest and had earlier work completed by well known and knowledgeable groups in the DRC mining sector. We are not aware of any transactions of this magnitude currently being completed in the DRC. The mineralization in the region is polymetallic and the property is located close to the border with Angola and rail transportation. Musefu has excellent potential for an important new discovery.”
Central African also intends to complete a non-brokered private placement of up to 10,000,000 units at a price of CAD $0.20 per or aggregate proceeds of up to CAD $2,000,000.
The company traded up 19% today to 20 cents a share.
