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18.10.2004 Business & Finance

Moydow Mines acquire control of Okumpreko

By Canadian Press

TORONTO (CP) - Moydow Mines International Inc. has signed a deal to acquire control of the Okumpreko gold prospect in the west African country of Ghana.

Under a transaction announced Monday, the Toronto-based junior miner has agreed to buy from PW Limited a majority interest in the Nyaduom and Kushea mining leases, which make up the Okumpreko project.

PW Limited is an international engineering and mining contractor that has been operating in Ghana for more than a decade and previously worked with Moydow on another gold project.

The Okumpreko gold prospect consists of 93 square kilometres in central Ghana.

Under terms of the agreement, Moydow can earn a 51 per cent stake in the project by spending $500,000 US on exploration over two years.

"This is a wonderful opportunity for Moydow to expand its holdings in Ghana while minimizing the risk associated with exploration on greenfield sites," said Brian Kiernan, the company's president and CEO.

"While the property has known alluvial deposits, it is the very interesting hard rock targets which will be the focus of our exploration campaign. We have a proven track record in finding and developing gold projects in Ghana and together with our partners, PW Limited, we will explore aggressively in this highly prospective area."

Moydow is an international miner whose shares trade on the Toronto Stock Exchange.

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