Pinecrest Resources Finalizes Enchi Gold Project Acquisition in Ghana
Pinecrest Resources Ltd. has executed definitive agreements to acquire the Enchi gold project in Ghana. The transaction includes ownership stakes from Edgewater Exploration and Kinross Gold subsidiary Red Back Mining Ghana.
Vancouver, British Columbia – Pinecrest Resources Ltd. has finalized agreements to acquire the Enchi gold project located in Ghana. The company announced Tuesday that it has executed definitive agreements with Edgewater Exploration Ltd. and Red Back Mining Ghana Ltd., a subsidiary of Kinross Gold Corporation.
Upon completion of the transaction, Pinecrest Resources will own a 90% interest in the project, taking into account the Government of Ghana's 10% stake. The transaction requires approval from Ghana's Minister of Mines, and the company has submitted the necessary documentation to initiate the regulatory process.
Pinecrest Resources is focused on developing precious metal projects, aiming to create shareholder value through the acquisition and advancement of quality mining properties. Following the finalization of the Enchi gold project acquisition, the company will concentrate on further development and exploration of the project in Ghana.
Edgewater Exploration previously held a 51% interest and Red Back Mining Ghana held 49% of the Enchi gold project. Additionally, Pinecrest Resources has entered into a strategic alliance with Sandstorm Gold Ltd., details of which have been previously disclosed. The company stated that the transaction is still subject to conditions, including acceptance by the TSX Venture Exchange.