Japaul Gold & Ventures Plc, formerly Japaul Oil and Maritime Services, has announced that it will partner with H&H Mines Limited to mine gold.
This was disclosed by the company in a statement issued and signed by its ED. Finance and Planning, Funmilola Omodamori.
The company stated that it had concluded discussions and received approval in principle from representatives of H&H Mines Ltd for Japual Plc to invest in and/or acquire some shares of the company.
Japaul Plc noted that this was contingent on the conclusion of its fund-raising exercise.
The company also noted that it had lined up many gold mines for partial or full acquisition contingent on the equity that could be possibly raised.
What you should know about the partnership
- H&H Mines Limited has many licenses, which is why Japaul Plc is planning to invest in it.
- The on-going exploration work (core drilling) will allow Japaul Plc to ascertain the mineral reserves in the mine, although Canadian reports note there are huge mineral deposits.
- Xiang Hui International Mining Company Nigeria is charged with drilling the mine.
- The drilling contract has been signed by the Chinese drilling company and H&H Mines at Japaul Plc’s head office.
- The drilling project is to be concluded in the next 12 months.
- According to the company, the time frame will allow Japaul Plc to conclude its fund raising and ratify its involvement in the mining.
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