Ardent Mines Ltd. reported that the company has signed an agreement to explore and develop gold resources at a project in Africa. The company did not disclose the price paid for the mineral rights.
The agreement permits Ardent Mines Limited to explore for gold on the Shenda License, a ten square mile property located in Tanzania. The company estimates possible gold resources at between 500,000 and 1,000,000 ounces.
Ardent Mines Limited signed the agreement with Afrocan Resources Ltd., a Canadian mining company, and owner of the Capri General Trading Company Ltd. Ardent Mines Limited will acquire 100% of Capri General Trading Company Ltd., which holds the mineral rights on the property.
Ardent Mines Limited said that the property is located in the Bukombe District, in the Shinyanga Region of Tanzania. The company said that the property was previously explored by Anglo Gold Exploration, Ltd. and Barrick Exploration Africa, Ltd., two major mining companies.