Glencar strikes agreement with Orogen

Mining company Glencar has executed an agreement with Orogen Holdings BVI , a wholly-owned subsidiary of Gold Fields Ltd, relating to the Sankarani project in Mali, West Africa.

The agreement obliges Gold Fields to spend up to $12m (€10m) in exploration expenditures in order for it to earn a 65% interest in three of the five exploration licences in Glencar’s Sankarani Project.

Glencar’s Sankarani project consists of five exploration concessions at Bokoro, Sanioumale, Farasaba, Solona and Komana in south-western Mali, totalling 1,250 square kilometres in area.

Under the terms of the agreement, Gold Fields may earn an interest in the Bokoro, Sanioumale and Farasaba concessions.