This day June 12, 2018, Stratex International Plc announces that it has concluded a conditional option agreement with Bureau d’études et d’investigations géologico-minières, géotechniques et géophysiques Sarl (BEIG3) in the framework of its gold mining project in Bibémi and Wapouzé, in North Cameroon.
Thanks to fundraising operations to collect between CFA745 million (£1 million) and CFA931.6 million (£1.25 million), the British mining company will help BEIG3 in its exploration project.
By providing the fund, Stratex International Plc will acquire 90% of the Bibémi and Wapouzé projects after a feasibility study.
“We are delighted to have entered into this option agreement with BEIG3”, said Tim Livesey, Chief Executive of Stratex. “BEIG3 formerly held the projects in a joint venture with TSX-quoted Reservoir Minerals Inc, of which I was COO until 2016 when it was sold to Nevsun, but these have recently been returned 100% to BEIG3 and so we look forward to picking-up where Reservoir left off”, he added.
Let’s remind that on November 18, 2014, while it was active on the Bibémi project, Reservoir Minerals announced that the sampling conducted during the dry season suggest high-grade mineralization of about 10.95 grams per tons on 3.6 meters starting from 2.6 to 6.2 meters.
At the time, Simon Ingram, the then chief executive of Reservoir Minerals, indicated that such result was an indication of the excellent mining potential of these mines starting at about 19 kilometers from ground level.
He also revealed that following the panning, another mine was discovered 30 km Southwest of the Bibémi project.