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Rift Valley selling Tanzanian gold assets for US$800,000

Rift Valley Resources Ltd. said March 13 that it struck deals to divest its Tanzanian gold exploration assets in line with plans to focus on its Angolan mineral assets.

The company said it reached an agreement to sell the Kitongo gold project for US$550,000. Completion hinges on a number of conditions, including signing a deal with illegal miners on the license area.

The company also agreed to sell prospecting license PL 11016/2017, dubbed Canuck, for US$250,000.

Meanwhile, Rift Valley is considering a recent nonbinding, nonexclusive option agreement for selling its Miyabi gold project in Tanzania.