South American expansion London-based miner Nord Gold SE has unveiled it entered into an option agreement with Alicanto Min-erals Ltd. Under the deal, the miner has the exclusive right to pur-chase a 100% stake in the Arakaka gold project in Guyana.
"Nordgold will have an option to acquire … the Arakaka project by sole funding US$3 million in exploration expenditure within a one year option period, and paying an additional US$5 million to Alican-to to exercise the option," the company said in a statement.
The project, which has a permit area totaling 300 square kilometres, is located in Guyana’s Northwest Mining District.
Set up in 2007, Nordgold says it runs operates ten mines and has a number of projects in six countries on four continents. These include operations in West Africa, Kazakhstan and Russia, according to da-ta released by the business.