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Kyrgyzstan|business|February 27, 2014 / 03:34 PM
Australia's Robust Resources acquires Andash, Taldybulak copper and gold projects, seeks to list these assets on London's AIM

AKIPRESS.COM - Снимок экрана от 2014-02-27 15:40:52 Austrialia's miner Robust Resources has signed a memorandum of understanding with London-based public company Mentum to list its Kyrgyzstan assets on London’s Aim, reported Mining Weekly.

In return, Mentum would issue Robust with new shares valued at A$50-million.

Upon completion of the deal, Mentum would hold 100% of Robust’s assets in Kyrgyzstan and would change its name to Tengri Resources.

Robust would hold 87.3% of the enlarged capital of Tengri, which would have a proforma market capitalisation of A$57-million and would hold some A$7.4-million in cash to advance development of its projects.

The Kyrgyzstan assets are located within the Central Asian Orogenic Belt, which hosts several multimillion-ounce gold deposits, including Muruntau and Almalyk, in Uzbekistan, and the giant Oyu Tolgoi copper/gold mine, in Mongolia.

Following completion of the transaction, Tengri would control the Andash copper and gold project, which boasted a Joint Ore Reserves Committee-compliant measured and indicated resource of 19.2-million tons at 1.1 g/t of gold.

Tengri would also take 100% ownership of the Talas project, at which previous owner Gold Fields had defined a large gold and copper asset known as Taldybulak, located 20 km west of Andash.

Twenty-one prospective targets had been identified at Taldybulak, which had an indicated South African Mineral Codes-compliant mineral resource estimate of 116.5-million tons of gold at 0.6 g/t.

Following finalisation of the transaction, Tengri would further earn-in an up to 70% interest in Bashkol, a 17 986 ha property located 60 km along strike from the multimillion-ounce-producing Kumtor gold mine, in the Tien Shan Gold Belt.

Recent prospecting at the tenement had identified 15 km of strike length potential for gold mineralisation, while surface gold and copper had been traced over 3 km.

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