AXMIN Inc V.AXM.H

Verification Of Senegal Work From Teranga Gold

[Thedondom]

From TGZ investor relations:

Sorry for the delay in getting back to you.  We were wrapping up quarter end stuff on Friday and yesterday was a holiday here in Canada. 
 
There are the two regional exploration permits related to the Sabodala project – Sounkounkou and Bransan (Lots A, B and C).  There was a consolidation of the many regional properties into these two larger entities and during that consolidation, Heremekono was adjusted and re-named along with some land relinquishment.
 
There has been very little exploration here in the past 2 years at Sabodala – we slowed down exploration as we were building our second gold mine, Wahgnion.  We will likely do some exploration work at Sabodala later in 2020 and early 2021 before the permits are up for renewal, however, the majority of our exploration efforts right now are focused on Massawa, Golden Hill (Burkina Faso) and Afema (Cote d’Ivoire).
 
Trish
 
Trish Moran
VP, Investor Relations & Corporate Communications
Teranga Gold Corporation
+1 416.564.4290

 

From AXM's 2018 news release:

 

Vancouver, British Columbia--(Newsfile Corp. - June 18, 2018) - AXMIN Inc. (TSXV: AXM) ("AXMIN" or the "Company") announces that it has received confirmation from Teranga that the Government of the Republic of Senegal has granted two new exploration permits under the 2016 Senegalese Mining Code for Sounkounkou and Bransan, encompassing the 17 target areas that the Company shares an interest in with Teranga.

The initial term of the exploration permits is for a period of 4 years with a requisite minimum expenditure commitment during this initial period. Thereafter, the exploration permits are renewable two times for consecutive periods not exceeding three years each, provided that Teranga has satisfied its work and expenditure commitments. The Bransan perimeter is 337.3km2 and Sounkounkou is 291.7km2, which together cover roughly 90% of the prior permit areas.

AXMIN Chairman Lucy Yan said, "The issuance of exploration permits for the additional targets, upon which AXMIN has a NSR royalty of 1.5%, is very good news for our company."