Yesterday, Norman Cay Development announced that it had signed a letter of intent to acquire the outstanding shares of Discovery Gold Ghana Limited. The closing of this deal is subject to customary conditions.
Discovery Gold Ghana Limited is a gold exploration company based in the Republic of Ghana, formerly known as the Gold Coast. Ghana is the second largest gold producing country in Africa after South Africa. Mining investments in the area have benefitted from a stable local government and mining laws.
Pending final legal assignment, Discovery Gold Ghana Limited has an exclusive option with rights to acquire, explore, and develop the Edum Banso gold project in the Western Region of Ghana. Edum Bansa is located in a particularly lucrative area, the Ashanti Gold Belt, which in turn is near Golden Star Resources’ Hwini-Butre Father Brown/Adoikrom open pit deposits.
Testing and exploration of Edum Banso indicates a gold anomaly approximately eight kilometers long and six hundred meters wide.