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As of January 22, 2010 Moydow Mines International Inc has been acquired by Franco-Nevada Corporation.
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| Moydow Mines is an international exploration company with
primary interests in precious and industrial minerals and diamonds.
Exploration activities are focused principally in Africa. In 2004, Moydow sold its interest in the Ntotoroso Property for US$40 million to Newmont Mining Corporation. Moydow retains a 2% royalty on any production in excess of 1.2 million ounces of gold from the Ntotoroso Poperty, which now forms part of the Ahafo Mine of Newmont Ghana Gold Limited. In October 2004 Moydow signed an option agreement with Gondwana Investments Limited to allow Moydow to earn an interest in the Port Loko Bauxite concession in Sierra Leone. Moydow now hold a 50% interest in the project and a full engineering and processing review is currently underway. The Dala Diamond Project located in the Lunda Sul province of north-eastern Angola, a JV between Endiama, Cimader and Moydow, is at an advanced stage with drilling scheduled to commence in early 2008. The licence is bordered both to the west and east by the BHP/Petra Diamonds' Alto Cuilo and Muriege diamond properties, respectively, and is 40 kilometres south of the Catoca Mine, the world's fourth largest producing kimberlite diamond mine.
These latter opportunities, are in line with Company strategy to capitalise on its long
experience in Africa to grow shareholder value. |
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