ALTO could get a BIG partner!! IAMGOLD bought into Avnel Gold mining in Mali..
See... ALTO just needs the permit in Mali, and they may get a BIG partner!
UPDATE 1-Iamgold, Avnel form JV to develop permit in Mali
Avnel says Iamgold to fund the entire permit
* Iamgold to get a right to acquire 51 pct initial stake
Dec 6 (Reuters) - Avnel Gold Mining (AVK.TO) said it entered into a second joint venture agreement with Iamgold Corp (IMG.TO) to develop the Fougadian Exploration project in Mali, West Africa.
Iamgold will have the right to acquire a 51 percent stake initially in the project upon establishing a qualifying mineral resource of not less than 250,000 ounces of gold, and will also fund the project entirely.
Avnel owns 90 percent in Fougadian Exploration permit.
After Iamgold completes a pre-feasibility study the mid-tier gold company will have the right to increase its interest to 65 percent in the permit.
The companies had earlier signed a joint venture deal for Kalana exploitation permit in Mali.
In October, Avnel Gold said assay results related to its Kalana exploration project might be inaccurate, as SGS laboratory testing the drill samples did not follow certain protocols. [ID:nN18260692]
Avnel's shares, which have gained about 38 percent since October, closed at 38 Canadian cents on Wednesday on the Toronto Stock Exchange. Iamgold closed at C$16.81 on Friday. (Reporting by Aftab Ahmed in Bangalore; Editing by Maju Samuel) (aftab.ahmed@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: aftab.ahmed.reuters.com@reuters.net))
AI
