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EMAIL THIS ARTICLE © Reuse this TORONTO (miningweekly.com) – Canadian explorer and project developer MDN has announced that China-based Sichuan Xinye Investment Corporation of Mining and Exploration (Xinye) has decided to formalise the two partners’ relationship by establishing a joint venture (JV), including an acquisition option, on the Ikungu and Ikungu East properties, in Tanzania. TSX-listed MDN stated that Xinye had decided to proceed with the JV after the expiration of a due diligence period, resulting in a payment of $200-million to MDN, as agreed to under a heads of agreement signed in September last year......
MDN holds 80% of the Ikungu and Ikungu East projects, while Tembo Gold holds the remaining interest. Gold mineralisation is associated with sulphides in grey quartz veins and altered assemblages, resulting in high-grade mineralised lenses. Small-scale historical mining production averaged 12.5 g/t gold between 1936 and 1952.
http://www.miningweekly.com/article/chinese-investor-to-part…