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Stellar AfricaGold to acquire 2 gold exploration permits in Cote d'Ivoire

Stellar AfricaGold Inc. optioned up to a 100% interest in Cote d'Ivoire-based Birimian Geology Exploration SARL, which holds two gold exploration permits covering about 471 square kilometers.

The Bocanda permit covers 97 square kilometers, and the Djekanou permit covers 374 square kilometers, according to a Jan. 7 news release.

The Canadian gold miner can acquire an initial 80% interest for US$20,000 and must spend US$3.0 million on the permits in 48 months to maintain the option. The company can then purchase the remaining 20% stake at any time for US$1.5 million.

Vendors of Birimian Geology will retain a 1.25% net smelter return royalty.