Vancouver-based Diamond Fields Resources has announced the signing of a deal to acquire Moydow Holdings, a com-pany which holds interests in numerous West African gold exploration projects.
The deal paves the way for the acquisition of a right to an 80% con-trolling stake in an exploration stage gold project in Labola, Burkina Faso, which has more than 65,500 meters of historical drilling, Dia-mond Fields Resources said in a statement.
The deal also comprises additional exposure to minority, joint venture interests in two projects located in Mali and Nigeria, providing the company with multi-stage exploration prospects, according to the statement.
Sybrand Van Der Spuy, the CEO and president of Diamond Field Re-sources, commented that through “combining Moydow's strong, gold focused operational competence in West Africa with DFR's access to financial markets and development skills the Company expects to rapidly progress the highly prospective Labola project.”