Red Back (RBI.V) kept its northern Ghana gold exploration properties, according to an email I just got. I'm relieved. I had complained in posting #404 here (to which this posting is a reply) that a certain passage in the merger agreement between Champion Resources and the old (Australian) Red Back seemed to strip off Red Back's interesting Bole, Nangondi and Bolgatanga gold exploration licences in northern Ghana. I think these have a "wildcat gold" potential quite independent of Red Back's main Chirano property in south-central Ghana. (which is in a totally different gold belt and structure).
So the other day I wrote email to Red Back:
"I am a Red Back shareholder. I have the following question for you: After the Champion/Red Back merger, what company or companies now own(s) or control(s) the Bole, Nangondi and Bolgatanga gold exploration licences in Ghana? (These concessions were owned or controlled by Red Back-Australia prior to the merger with Champion Resources, and their fate under the merger agreement was unclear. They were the subject of Champion and Red Back-Australia press releases on February 23, 2004.)"
and the reply was:
"These projects remain within Red Back Mining Inc.
Ross Ashton
Chairman"
One feature of the northern properties is a joint venture between Red Back and the enigmatic Takoradi Ltd. (TKG on Sydney ASX; near-infinite shares outstanding with near infinitesimal price per share) for developing the Bole property.
FL
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