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Angus Mining Updates on Ondundu Gold Project‎, Namibia

Angus Mining (Namibia) Inc has signed an agreement with its joint venture partner, Forsys Metals Corp. The two are developing the Ondundu Gold Project in Namibia. The Canadian based precious metals exploration company is hoping to get good shareholder returns from the development of this asset.

As per the agreement the company will relinquish its role of operator of the Ondundu Gold Project along with its right to 42.6% interest in the mine. It is also relinquishing its right to earn an additional 24.9% stake in the project.

Forsys Metals Corp will in return cancel 3,000,000 shares and purchase warrants in Angus mining. This represents 7.26% of stake in the company and 10.68% stake in the outstanding warrants of the company. Angus Mining will also get a 20% fully free carried interest in the Ondundu Gold Project without any need for further funding.

The Chief Executive officer of Angus Mining, Fraser Buchan said that returning operation of the Ondundu Project to Forsys Metals will allow Angus Mining to focus fully on the exploration program underway at Freiberg Silver project in Nevada. Forsys is better positioned corporately to execute on exploration and development plans in Namibia, and to create value at the Ondundu Project. Angus Mining will continue to participate in Ondundu through its free carried interest.

Joel Scanlon

Written by

Joel Scanlon

Joel, originally from the UK, emigrated to Australia in 1995 and spent 5 years working in the mining industry as an exploration Geo-technician where he developed skills in GIS Mapping and CAD. Joel also spent a year working underground in a gold/copper mine. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm before starting a successful business providing graphic and web design services to local businesses on the eastern seaboard of Australia. Joel is skilled in project management, content production, design, animation, database and networking, software, and editing. Joel has been with AZoNetwork since its inception in 2000.


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