Yaoundé - 08 December 2019 -

Stratex International Plc to invest about CFA1 billion in BEIG3’s Bibémi and Wapouzé gold mining project

Stratex International Plc to invest about CFA1 billion in BEIG3’s Bibémi and Wapouzé gold mining project
  • Comments   -   Tuesday, 12 June 2018 15:31

(Business in Cameroon) - This day June 12, 2018, Stratex International Plc announces that it has concluded a conditional option agreement with  Bureau d'études et d'investigations géologico-minières, géotechniques et géophysiques Sarl (BEIG3) in the framework of its gold mining project in Bibémi and Wapouzé, in North Cameroon.

Thanks to fundraising operations to collect between CFA745 million (£1 million) and CFA931.6 million (£1.25 million), the British mining company will help BEIG3 in its exploration project.

By providing the fund, Stratex International Plc will acquire 90% of the Bibémi and Wapouzé projects after a feasibility study.

We are delighted to have entered into this option agreement with BEIG3”, said Tim Livesey, Chief Executive of Stratex. “BEIG3 formerly held the projects in a joint venture with TSX-quoted Reservoir Minerals Inc, of which I was COO until 2016 when it was sold to Nevsun, but these have recently been returned 100% to BEIG3 and so we look forward to picking-up where Reservoir left off”, he added.

Let’s remind that on November 18, 2014, while it was active on the Bibémi project, Reservoir Minerals announced that the sampling conducted during the dry season suggest high-grade mineralization of about 10.95 grams per tons on 3.6 meters starting from 2.6 to 6.2 meters.

At the time, Simon Ingram, the then chief executive of Reservoir Minerals, indicated that such result was an indication of the excellent mining potential of these mines starting at about 19 kilometers from ground level.

He also revealed that following the panning, another mine was discovered 30 km Southwest of the Bibémi project.

Brice R. Mbodiam

On December 4, 2019, the Cameroonian Treasury proceeded to the issuance of a 26-week fungible treasury bills on the market of the Bank of Central African...
In Cameroon, 35% of the 835 gas stations in operation as of October 28, 2019 (for the 54 state-approved companies), are located in rural areas. This was...
In Cameroon, the national drinking water production increased from 731,080 m3/day to 824,456 m3/day between 2018 and 2019, according to recent data from...
In Cameroon, the Ministry of State’s Property and Land Tenure recently granted an additional 2,000 hectares of land to Société Africaine forestière et...

Mags frontpage

Business in Cameroon n81: November 2019

The growing weight of Moroccan banks in Cameroon

Made in Cameroon products gradually take over supermarkets

Investir au Cameroun n91: Novembre 2019

Le poids croissant des banques marocaines au Cameroun

Le Made in Cameroon progresse dans les supermarchés