Templar Minerals Ltd acquires 90 per cent interest in the Adjaria Gold Project in the Republic of Georgia
('Templar', 'TMP' or 'the Company')
4 September 2007
Kerman & Co have acted for TMP - a natural resource exploration and development company which has signed an Acquisition Agreement with Gatward Limited ('Gatward') to acquire a 90% interest in Goldencrest Enterprises Limited ('Goldencrest') which is the ultimate holding company of the mineral resource rights with respect to the Adjaria Gold and Base Metals Project situated in southern Georgia to the north of Turkey.
Highlights
Kerman & Co have acted for TMP - a natural resource exploration and development company which has signed an Acquisition Agreement with Gatward Limited ('Gatward') to acquire a 90% interest in Goldencrest Enterprises Limited ('Goldencrest') which is the ultimate holding company of the mineral resource rights with respect to the Adjaria Gold and Base Metals Project situated in southern Georgia to the north of Turkey.
Highlights
The following highlights reflect the prospectivity issues of the Adjaria opportunity:-
- The brownfields project contains numerous exploration audits and a historical sampling database together with a total licence area of 100.4km2 covering a large unexplored region;
- The mineralization has generated epithermal deposits with gold, silver and base metals, including of copper, lead and zinc;
- The existing early stage historical gold and base metal mineral resources were classified under the Russian system and constituted Au at 24,743oz of inferred resources and unclassified inferred Au resources of 562,638oz with assay values ranging from 2g/t to 67g/t; Silver at 485,476oz as an inferred resource and Copper at 74,800 inferred resource tonnes;
- TMP acquires a 90% interest in the Adjaria Gold Project for an initial consideration of 25 million ordinary TMP shares and the payment of US$2 million in cash.; and
- Georgia has a 'mine friendly culture' lending itself to rapid development of the resources
Chairman, David Lenigas, said 'The Adjaria Gold Project represents an exciting opportunity in an area of historical gold and base metal mining. Our team of geologists has already initiated an exploration programme to identify orebody targets and we look forward to proceeding with the drill programme later this year. Templar is well funded with cash resources of US$15 million following the Adjaria acquisition and we continue to evaluate further investment opportunities.'
Michael Bennett led the Kerman & Co team who advised Templar and was assisted by Richard Baxter