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Bassari incorporating new company to develop Makabingui gold project

Bassari Resources Ltd. has made progress in its efforts to incorporate a new exploration company to advance its Makabingui gold project in Senegal.

The international administrative, legal and tax structure for Bassari's Makabingui Gold Operations SARL unit has been completed, and the constitution of the company incorporating the terms of the exploration permit has been approved by the Senegal government.

All the titles to the project can now be transferred to the unit, which in turn will pave the way for the receipt of a funding package, according to a Dec. 14 release.

Meanwhile, the company noted that it plans to launch a 5,000-meter drilling program to test two highly prospective structures from Makabingui to the southwest and to the southeast toward the Makabingui South prospect.

A bankable feasibility study for the project estimated a net present value, at an 8% discount, of US$62.2 million and an internal rate of return of 188.5% at a gold price of US$1,200 per ounce.