Pinecrest Resources completes acquisition of Enchi Gold Project

Pinecrest Resources has completed the acquisition of the Enchi gold project in Ghana, securing full interest from Edgewater Exploration and Red Back Mining. The project, located along the Bibiani Shear Zone, covers 696 square kilometers and is situated in a region historically productive for gold extraction.

The transaction was accompanied by a 4:1 share consolidation and a $3.6 million private placement. Sandstorm Gold emerged as a significant shareholder, acquiring an 18.2% equity interest. Proceeds from the financing are earmarked for the advancement of the Enchi project and general working capital requirements.

Following the acquisition, George Salamis has been appointed as CEO, and Ryan King as President. Pinecrest now reports approximately 54.9 million shares outstanding with a working capital position of roughly $3.18 million. The company continues to monitor development opportunities within its newly acquired licenses.