North Springs Resources Corp. (OTCBB: NSRS.OB) announced that it has executed a Definitive Agreement with Discovery Gold Ghana Limited to acquire up to a thirty five percent (35%) interest in the Edum Banso Gold Project (“Edum Banso”), a high-potential gold exploration property in Ghana, Africa.
Terms of the Definitive Agreement call for North Springs to acquire an immediate 25% interest in Edum Banso by issuing 10,000,000 restricted common shares of Company stock to the current shareholders of Discovery Gold. North Springs can acquire an additional 10% interest in Edum Banso by paying $250,000 to Discovery Gold and funding a multi-phase $1,000,000 work commitment in 2012.
The Company has already advanced $150,000 to Discovery Gold towards the total cash consideration with the balance of $100,000 payable within 30 days.
“The Edum Banso Gold Project is a prime example of a high-potential and almost drill-ready gold property that we think has huge near-term upside from several significant targets,” said Harry Lappa, President of North Springs. “We look forward to working closely with our new partners and anticipate appointing a qualified Project Geologist to plan and lead the next stage of exploration.“
Future exploration at the Edum Banso Gold Project will test known areas of gold mineralization and other geological structures which have already demonstrated the potential to host significant gold deposits. Planned exploration work at Edum Banso includes additional geological mapping, prospecting, soil sampling, trenching, and a reverse-circulation (RC) drill program targeting 15-30 locations.
The Edum Banso concession covers 20.60 km2 (5,100 acres) located approximately 35 km (21 miles) northwest of city of Takoradi in the southeastern portion of Ghana’s historic Ashanti Gold Belt. The concession is situated less than one mile from the border of the HBB Father Brown/Adoikrom open pit gold deposits currently being mined by Golden Star Resources.
Previous exploration conducted by Newmont Gold (2004) and others at Edum Banso included extensive geophysical (aeromagnetic) interpretation, soil and stream sediment sampling (5,758 samples), trenching (319 m total – 214 channel samples), auger drilling (252 holes), and rock chips (81 samples). To date, four distinct mineralized gold zones have been identified over an area approximately 5 miles long by a quarter mile wide, including two southern zones sharing contact with the unique circular shaped Mpohor Complex geologic structure, potentially one of the largest known gold bearing synvolcanic mafic intrusives on the African continent. The same Mpohor Complex structure and contact zones host the HBB Father Brown/Adoikrom deposits to the southeast.
Further updates regarding the Edum Banso Gold Project and other North Springs business will be made as additional information becomes available.
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