AMN - BURKINA FASO: Tajiri to acquire Reo Gold Project

Tajiri Resources Corp intends to exercise its exclusively held option to acquire a 100% interest in the advanced Reo Gold Project, Burkina Faso, from Middle Island Resources. The decision follows more than a month of due diligence by key company personnel.

This included a technical review and geopolitical assessment of the project including, but not limited to, management travelling to Burkina Faso to undertake meetings with relevant government officials and the Minister of Mines.

Tajiri also reviewed all available geological data provided by Middle Island, such as drill databases, detailed IP results and RC chips of significant intercepts.

It also included several days on the property with time spent at all licences that make up the Reo project proper.

Management was satisfied with its review of outstanding matters on which the decision was based and has a high level of confidence in the move forward with the option.

In addition, the company and Middle Island have agreed to amend the terms contained in the heads of agreement and underlying option wherein Tajiri will now issue a fixed 5 million shares to Middle Island upon entering the option rather than in tranches.

The variation is advantageous to both parties with Middle Island being rewarded immediately for their considerable past expenditure and reducing the dilution going forward for shareholders of Tajiri.

Tajiri has 15 business days to provide the first-year payment on the option to Middle Island consisting of US$150,000 cash and 5 million shares.

Tajiri's president and CEO Graham Keevil said, “These are exciting times for the company. The Reo project presents us with the unique opportunity to purchase an advanced gold exploration and development asset where our geological team will be able to excel in their element of improving on an existing exciting discovery.

"The Reo project’s historical results are impressive and having now been able to review data and visit the site, I feel it holds tremendous upside in the form of a potentially economic and immediately developable gold asset in an excellent mining jurisdiction.”

http://tajiriresources.com/