Element92 Resources Corp has executed a sales and purchase agreement to acquire a gold mine in Guangdong Province.
The US-based private company is acquiring the Guolanchong gold mine, a producing gold property with a mining licence for 0.8sqkm. It will be the company's third gold mine in China.
It has also applied for an exploration licence for a total of 18sqkm of favourable mineralization zones surrounding the existing mining licence area. The application is being processed by the related government authorities.
Element92's CEO Daniel Mckinney says, "Our chief geologist Daniel Huang returned from a visit to the mine and commented that this acquisition would almost double our current ore assets."
The area has gold mining history going back more than 100 years. The placer gold deposits in the downstream riverbeds are well developed, and placer gold mining is still active. A series of geological surveys and explorations have been conducted in the area since 1960.
Element92 is incorporated in the US state of Wyoming. It owns two gold mines in Shandong Province and holds options on 14 mineral claims in the Province of Quebec, Canada.
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