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Orca Gold acquiring Kinross Gold's exploration assets in Ivory Coast

Orca Gold Inc. said Feb. 1 that it struck a deal to acquire Kinross Gold Corp.'s two wholly owned exploration companies.

These two companies collectively own the Morondo and Korokaha North exploration licenses, along with five exploration license applications, in Ivory Coast. The assets cover 2,268 square kilometers and are located on highly prospective structural trends related to known gold mineralization.

In exchange, Orca will issue 10,633,169 shares and grant Kinross a two-year right of first refusal on any subsequent disposal of the assets. Kinross will also be entitled to a 2% net smelter return royalty on any product mined and sold from the assets.

The acquisition will complement the company's license applications in the country covering 789 square kilometers.

Orca intends to expand its exploration program, complementing its flagship Block 14 gold project in Sudan.