Tuesday, 28th August 2007 (1820 views)

Grey Crown Resources, the affiliate company of international mining and investment firm IBI Corporation, has acquired a 100 per cent interest in Uganda-based Busitema Mining Cie Ltd.

Busitema owns the Tira Gold Mine, which is located within the Lake Victoria Greenstone Belt. The belt also hosts a number of large gold companies in Uganda's neighbour, Tanzania.

"This acquisition by Grey Crown represents a notable opportunity for the Tira Gold Mine project to realise its full potential," said Paul Sherman, president and chief operating officer of Grey Crown.

"Our development programme for the Tira Mine places a high priority on the determination of mineable reserves within our lease area."

Mr Sherman added that "innovative geological and engineering methods" will play a big part in determining the mineable area at the gold mine, due to the area's "unique and complex geography".

The Tira Exploration Project and the Ammonikakinei Exploration Project, associated with the Tira Gold Mine, are also owned by Bustitema, with both measuring 30 sq km in area.

The deal for the mine was accepted in June, with the process originally expected to be finalised by the end of that month.

 

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