AN
Australian gold mining company, Manas Resources has abandoned its bid
to acquire the Victoria gold project, in Tanzania, after a lack of
progress to transfer the licence.
The gold mining company in April last year
struck a deal to acquire the Victoria project for a staged cash
consideration of $1.8-million and $2-million in shares, subject to
licence transfer milestones.
It said last Friday said that the company
was entitled to a repayment of the $800 000 pre-payment made under the
agreement, should the vendor group on-sell the Victoria assets to a
third party within the next 12 months.
The company would also be entitled to be
repaid the funds advanced to the vendor group since March of last year
for working capital and exploration activities at the Victoria
tenements.
“While it is disappointing that the
Victoria gold project acquisition is not proceeding given the
significant efforts made by all parties to advance the transaction, we
can now be fully focused on our activities in Cote d’Ivoire,” said Manas
CEO Philip Reese.
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