During the quarter, the Board continued to assets the following opportunities in the gold area as part of its general diversification strategy. As a result of this review, the majority of the Board has decided not to proceed with an opportunity previously identified in Ghana.
The Company continues explore an early stage project in Egypt. As previously announced, the identified concession has not had any drilling undertaken but has been subject to rock chip sampling and trench excavation and sampling. In addition, the concession has been subject to geological mapping and satellite interpretation of geological features.
Should the Company decide to proceed with this concession, it is envisaged that a joint venture with the existing vendor whereby GRV undertakes a majority share, in consideration for a small payment and GRV providing a capped amount of funding. There would be some amount of consideration payable to the vendor in connection with the acquisition. Any transaction would be subject to due diligence and
required regulatory approvals.
Full details of the selected project, including terms, will be provided as soon as they are available.
