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Jet Gold to acquire 30% of Haib copper deposit in Namibia through an Interest in Haib Minerals-The&n
bsp;17th China(Guangzhou)Int’l Metal &Metallurgy Exhibition
3/23/2016 Metal &Metallurgy expo |
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Jet Gold Corp announced that it has entered into an agreement to acquire 30% of Haib Minerals (PTY) Ltd in exchange for 45 million common shares of Jet Gold to be issued to the shareholders of BC Ltd. BC holds 100% of the share capital of Deep-South Mining Company (Pty) Ltd, which holds 30% of Haib Minerals. The remaining 70% of Haib Minerals is held by Teck Namibia (Pty) Ltd a wholly owned subsidiary of Teck Resources Limited. Haib Minerals holds the Exclusive Prospecting Licence 3140, which hosts the large Haib copper project situated in the south of Namibia.
The Haib project is a large copper-molybdenum porphyry deposit located in the Karas region of southern Namibia, 8 km from the Orange River and the South African border. The deposit, discovered in the 1950''s, has seen over 50,000 metres of drilling in the 1970''s by companies such as Rio Tinto and Falconbridge Ltd. Since 2010, Teck Namibia completed over 14,000 metres of drilling with results such as: 121 m @ 0.5% Cu, 494 m @ 0.36% Cu and 30 m @ 0.81% Cu.
Mr. Tim Fernback, CEO of Jet Gold, stated, "We are delighted with this transaction. Haib is the largest known porphyry copper deposit in Africa situated in an ideal location adjacent to modern infrastructure and in one of the best mining countries in Africa. Teck has one of the best teams of porphyry exploration specialists in the world and also brings strong shareholder support to the company. Haib has substantial exploration potential and is a quality asset, which adds serious value for our shareholders."
-The 17th
China(Guangzhou)Int’l Metal &Metallurgy Exhibition
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