Manas Resources Ltd. said May 18 that it entered a deal to earn up to a 70% interest in Perseus Mining Ltd.'s Mbengué gold project in Ivory Coast.
Under the deal terms, Manas agreed to initially incur US$300,000 in exploration expenditures within six months to allow further evaluation of the project while the Mbengué Permit is renewed.
Manas will receive 20% ownership should it decide to proceed with the transaction following the initial expenditure.
The company will have the option to refund this expenditure if it decides not to proceed with the transaction, or in case Perseus proceeds with another transaction.
The company can acquire a 70% interest in the project by incurring a total exploration expenditure of US$2 million over three years following election to proceed. The parties will then form a joint venture with participating interests of 70% and 30%, respectively, for Manas and Perseus.
Perseus previously undertook an extensive regional exploration program across the Mbengué Permit and outlined several drill targets.
Manas kicked off an initial review of the previous exploration work, and is planning an initial drill program on the project. The initial exploration plans will be funded from the company's existing working capital.
Earlier in the year, Manas signed deal to acquire up to 85% interest in the Gonsan gold project and an up to 80% interest in the Bouaké Nord gold project, both in Ivory Coast. The company continues to actively seeking further opportunities to grow its exploration portfolio in the region.