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Azumah secures acquisition right to boost inventory at Wa project in Ghana


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Azumah secures acquisition right to boost inventory at Wa project in Ghana

Azumah ResourcesLtd. said April 27 that it acquired the high-grade 69,000-ounce JulieWest project, which will boost the mining inventory at its Wa gold project in Ghana.

The Julie West prospecting license is located adjacent to thecompany's own 834,000-ounce Julie deposit and hosts the high-grade 56,200-ounceJulie West prospect and the 12,800-ounce Danyawu prospect.

The prospects will be added into Azumah's plans for the of the initial seven-year,90,000-ounce-per-year project at Wa.

Bunda ResourcesPty. Ltd., which secured the rightto acquire the Julie West project from CastleMinerals Ltd. in September 2015, assigned the rights to Azumah in exchangefor 7 million common shares of the company.

Castle has agreed to the transfer and to extend the deadlinefor the transfer to Azumah by 12 months.

The company plans to define new drilling targets at Julie West,update current resource estimates and determine the impact of the mineral resourceson overall project ore reserves and economics.

Azumah will also apply for the transfer of Julie West to itswholly owned Ghana subsidiary, Phoenix Resources Ltd., and incorporate the depositsinto an extended Julie mining lease.