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.
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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.
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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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