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West African Resources Limited has acquired a 100 per cent stake in Burkina Faso’s Tanlouka Permit for US$50,000 for gold mining
The company had recently bought over the remaining 10 per cent share in the permit, which is a part of the Boulsa Gold Project in the west African country.
West African Resources Limited is expected to develop the Mankarga 5 area in the Tanlouka Permit.
The company said that it has set a goal of being a 1,417kg per annum gold producer within two years.
West African Resources Limited also announced recently that it had secured a second-hand 1.6mn tonnes per annum heap leach plant as part of its plan to fast-track development of Mankarga 5.
Richard Hyde, MD of West African Resources Limited, said, “Reaching agreement to take our ownership of the Tanlouka permit to 100 per cent is an important milestone for us.
"We are moving on quickly following the acquisition of Channel Resources in January 2014. We will deliver a resource upgrade for Mankarga 5 by the end of Q1, and complete a preliminary economic assessment and scoping study in the first half of 2014.”