Tanga Resources Ltd has entered into binding option agreement to acquire 100% of the issues shares of Coldstone Investments Ltd, a Namibian registered company, which has a joint venture agreement with Namibian government owned, Epangelo Mining Company Ltd, to earn in up to 80% (with the ability to increase to 90%) of the highly prospective Joumbira zinc project in Namibia.
The acquisition of Joumbira represents an opportunity to secure an advanced, high grade zinc-lead-silver project, located in the highly prospective and well endowed Damaran Belt. The Company believes the acquisition will add significant further growth potential to Tanga and provides shareholders with exposure to another high grade project in an excellent mining jurisdiction in Africa.
Matthew Bowles, CEO of Tanga Resources Ltd, said: “We are pleased to announce the option to acquire such an exciting project and through our acquisition of Coldstone, partnering with Epangelo, to advance the Joumbira Zinc Project. Joumbira is a highly prospective, advanced zinc-lead-silver project, in a world class mining jurisdiction and the timing for shareholder exposure to zinc could not be better. Going forward, the Company now has two highly prospective projects, which we can build on, and we look forward to further exploration success from both projects in the near future.”
The Joumbira zinc project is located in central Namibia, approximately 190 km by sealed road from the capital, Windhoek and 400 km from the port of Walvis Bay.