By: Creamer media

Under the terms of the agreement, Wia will sell 100% of the issued capital in its wholly owned subsidiary Glomin Services to Santa Fe for 20-million shares in Santa Fe and eight-million performance rights that convert to ordinary fully paid shares upon achievement of certain milestones.

Glomin holds an 80% interest in the Dialakoro, Mankono, Ouest and issia permits that are under renewal, as well as seven other permits that are under application in Côte d’Ivoire.

Santa Fe holds prospective tenure in central Côte d’Ivoire where its flagship Satama gold project has shown encouraging drill results along a 2 km strike length. Santa Fe also holds 65% of the prospective Bouake North application in the country.

“We are delighted to have reached an agreement with Santa Fe for the divestment of Wia’s exploration permits in Côte d’Ivoire. This divestment is a strategic step that allows Wia to focus on the rapid exploration and development of the Kokoseb gold project, in Namibia, while retaining exposure to future upside in Côte d’Ivoire through an ongoing shareholding in Santa Fe.

"This acquisition compliments Santa Fe’s existing portfolio of assets in Côte d’Ivoire and we look forward to sharing in their future exploration success,” says Wia chairperson Josef El-Raghy.