Akoase Gold Project (Ghana, VKA 100% - reducing to 0% upon...

Akoase Gold Project (Ghana, VKA 100% - reducing to 0% upon completion of sale)
On 1 June 2015 the Company announced that it is had executed a sale contract for its Akoase Gold Project for an overall transaction value of US$10 million cash.
The purchaser is the Chinese party that controls Akroma Gold Limited, the owner of the Sian gold project located 12kms from Akoase.
The acquisition of Akoase will consolidate the ownership of the Sian and Akoase gold resources providing critical mass for the ultimate development of a producing mine.
The US$10 million sales consideration to Viking comprises:
 An option fee of US$90,000 – received,
 US$ 200,000 cash – received,
 US$ 1,710,000 to be paid in cash on or before 24 July 2015,
 US$ 6,000,000 to be paid in cash within 5 days after all conditions precedent have been satisfied.
The principal conditions relate to Viking obtaining the requisite Ghanaian Minerals Commission and government approvals; and the purchaser’s final due diligence which must be completed by 21 November 2015, and
 US$ 2,000,000 to be paid in cash as a royalty from future gold production.

No on-ground work was undertaken on the project during the quarter, other than activities/site visits associated with the Akoase purchaser’s due diligence.