Vancouver, September 11, 2019 – John Cumming, President and Chief Executive Officer of Stellar AfricaGold Inc., (TSX-V: SPX) (“Stellar” or the “Company”) is pleased to announce:
New Exploration Permits, Guinea
Stellar’s Guinean subsidiary companies, Stellar Guinee SARL and Manding Gold SARL, have received final government approvals completing the issuance of two exploration permits totaling approximately 150 km2. The granting of these permits satisfies one of the condition precedents to the US$3.85M (C$5.13M) sale of the Balandougou Gold Project to Rida Mining Ltd. Stellar and the minority partners own 80% and 20% respectively of the Balandougou Gold Project.
TSX-V Conditional Approval
The TSX Venture Exchange has granted conditional approval to the sale transaction. TSX-V final approval is subject to Stellar shareholder approval at the Annual General meeting scheduled for October 17, 2019.
The only remaining material condition precedent to closing the Balandougou sale is the final approval of the Guinea government to the transfer of the exploitation and exploration permits to Rida Mining Ltd. This approval process in well-advanced and is expected to be completed prior to the October 17, 2019 shareholders meeting.
New Projects for Stellar AfricaGold
As previously announced (news release August 22, 2019) Stellar is continuing to actively review and evaluate new exploration property acquisition opportunities in north and west Africa. Further announcements will be made as decisions are taken.
The above is an abbreviated summary and shareholders are encouraged to read the September 11 2019 Update News Release in its entirety.
