News in the region - Tanzania (This week) out of TEMBOTembo Gold Corp is doing a large capital raise of 7 - 8 million for exploration work on its 100% interest in the Tembo Gold Project which is located adjacent to African Barrick's Bulyanhulu Gold Mine in the prolific Lake Victoria Greenstone belt in Tanzania.
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Redhill still holds several claims right in the middle of Tembo's large block and from previous drilling the gold SHOWS ITS trending towards those claims.
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Maybe some of the funds raised will be used to make an offer to purchase these claims off of RHR? ============
The Company's Tanzanian Nyakagwe project is located 6 Km's from Barrick's 12M oz Bulyanhulu gold mine, an underground operation which produced over 260,000 ounces of gold in 2010. Redhill has entered into an Agreement allowing it to acquire an initial 85% interest, and the right to acquire the remaining 15% ownership of 46 Primary Mining Licenses and 100% interest in a Prospecting License in this property. Together these licenses form 3 blocks of contiguous claims totaling 500 hectares with analogous geology to that of the Bulyanhulu mine.
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