B. Matthew Hornor, President and Chief Executive Officer of Kaizen Discovery Inc. (TSX-V:KZD), announced today that Kaizen has entered into a share purchase agreement with Alecto Minerals Plc., providing for the sale to Alecto Minerals of Kaizen’s Kerboule gold project in Burkina Faso.
As consideration for the sale of its 100% interest in the Kerboule gold project, which covers 399.5 square kilometres in two contiguous licences near Burkina Faso’s northern border, Kaizen will receive 54,996,857 shares (worth approximately C$619,000) of Alecto Minerals. Alecto is an Africa-focused, gold and base metals exploration company headquartered in London, UK, and listed on the AIM stock exchange.
The agreement also provides that Alecto will issue to Kaizen a further US$1.5 million in Alecto shares or cash if any of the following occur:
-- Alecto announces a JORC Inferred Resource or an equivalent resource
estimate of a minimum of one million ounces of gold at a minimum cut-off
of 0.5 grams per tonne (g/t) gold at Kerboule; or
-- Alecto announces a JORC Proven Reserve or an equivalent resource
estimate of a minimum of 250,000 ounces of gold at a minimum cut-off of
0.5 g/t gold at Kerboule; or
-- a minimum of 75,000 ounces of gold are produced from the Kerboule
“Kaizen’s divestiture of the Kerboule gold project is aligned with its strategy to build a portfolio of highly prospective base-metal projects within the Pacific Rim,” Mr. Hornor said.
About Kaizen Discovery
Kaizen is a Canadian technology-focused, mineral exploration company that was formed in late 2013 through a combination of Concordia Resource Corp. and assets acquired from HPX TechCo Inc., a 100%-owned subsidiary of High Power Exploration Inc. With its collaboration agreement with ITOCHU of Japan and access to HPX TechCo’s proprietary geophysical technology, Kaizen’s long-term growth strategy is to work with Japanese entities to identify, explore and develop high-quality mineral projects that have the potential to produce and deliver minerals to Japan’s industrial sector.
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