Avanti, Sycomines formalize profit sharing of artisanal gold production at Misisi

Avanti Gold (CSE: AGC) has signed a formal profit sharing and co-operation agreement governing all gold production with Sycomines, the licensed and […]
Artisanal mining between the Akyanga main and east deposits. Credit: Avanti Gold

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Avanti Gold (CSE: AGC) has signed a formal profit sharing and co-operation agreement governing all gold production with Sycomines, the licensed and permitted artisanal gold mining association. The association operates on all Avanti project areas. Sycomines will sell its gold production to Primera Gold, with Avanti sharing part of the profits and distributions calculated on a monthly basis, net of operating costs and final pricing adjustments.

Both parties are also evaluating the use of small-scale industrialized mining equipment to improve efficiencies and increase gold production rates. As part of their involvement, Primera has been implementing community development programs in addition to direct profit sharing with the government of the Democratic Republic of Congo.

Avanti’s primary asset in the DRC is the Misisi gold project, where it has already outlined NI 43-101-compliant resources containing 3.1 million oz. in the Akyanga deposit and perhaps 600,000 oz. in the Akyanga East exploration target. Earlier this year, the company said there are 40.8 million tonnes in the inferred resource at the Akyanga deposit, which grades 2.37 g/t gold.

"The association between Avanti, Sycomines, and Primera Gold represents a comprehensive solution to ensuring the traceability and accountability of all gold produced from the Misisi license areas and conforms to all established government regulations," said Colin Porter, CEO of Avanti Gold. "This not only provides for a system with checks and balances, but also ensures that all mining activities will be implemented with international best practices. With this agreement now in place, the company can turn its attention to significantly expanding the defined resources with an extensive regional exploration program along the entire 55-km project."

See also www.AvantiGoldCorp.com. Artisanal mining between the Akyang

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