Gold and GemStone Mining (GGSM) said its Sierra Leone Joint Venture partner has secured an additional 50 acres of surrounding concessions to its existing project Nimiyama situated in the Kono District.
It said in a statement that the new extension agreement had been signed with the local paramount chief and extends the previous agreement increasing the existing 50 acre site up to a potential total of 100 acres of prime alluvial diamond and gold mining territory.
With a previous government report valuing the territory in the area at $600 000 per acre, the total value of the new extended concession issued under GGSM's subsidiary can be as much as $60 million, the company said.
“The provision of the additional mining concessions is subject to GGSM initiating mining operations on its existing 50 acre concession located within proximity to the new concessions within the next 12 months, along with a commitment to work with and develop local social projects within communities surrounding the concessions,” it said.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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