Burey Gold
(ASX:BYR) has entered a deal to purchase a 60% stake in the Tendao Project in the Democratic Republic of Congo.
The mining company entered this agreement to acquire, essentially, five exploration permits, with a total area over 1,400 square kilometres.
The Tendao Project is on the border of Burey’s Giro Project, which the company says will significantly increase its tenement holding to over 2,000 square kilometres.
Burey will acquire this stake from Medidoc FZE, a company based in Dubai. Burey will pay Medidoc US$250,000, and issue it with 40 million fully paid ordinary shares in two tranches.
Burey Gold reported a net loss of $12.4 million at 30 June 2016.
