Anglogold walks away from Gabon JVs with Silver Bull
Silver Bull Resources, Inc. (TSX:SVB)(NYSE MKT:SVBL)(NYSE Amex:SVBL) was down 2.2% at the market open on Friday after announcing that it has received notification from AngloGold Ashanti Holdings plc terminating the Ndjole-Mevang and Ogooue joint venture agreements in Gabon, Central Africa.
The JVs dates back to October 2009 and AngloGold spent approximately $5.7 million on exploration at Ndjole-Mevang and $3 million at Ogooue.
Vancouver-based Silver Bull said the gold and manganese potential remains high in the Ndjole license and it plans to explore furthers, but no significant anomalies were identified on the Ogooue license and the company plans no further follow up work in this area.
Tim Barry, President and CEO of Silver Bull Resources, said: "We remain very positive about the exploration opportunities that exist in Gabon, especially on the manganese and gold potential we see in the Ndjole area, and the iron ore potential of our Mitzic license – which was not part of the AngloGold joint venture. Gabon is the second largest producer of manganese in the world and is one of the few places in the world where world-class tier 1 manganese mines exist. Gabon also has some world-class iron ore deposits and we believe it will at some point become a major iron ore producing district as well."