Termination of Argo Metals Group Acquisition and Other Projects Update
Perth, May 25, 2017 AEST (ABN Newswire) - Viking Mines Limited (ASX:VKA) ("Viking" or the "Company"), advises that it has issued a formal Notice of Termination to Argo Metals Group Limited ("Argo") and its shareholders that it will not be proceeding with the acquisition of Argo. This acquisition was originally announced on 18 November 2016 however key conditions precedent to the acquisition remain outstanding and Viking no longer considers these as achievable.
Further Viking notes that Argo and its shareholders have issued Viking with their own Notice of Termination in relation to this matter.
Other Projects Update
In relation to Viking's activity on its other exploration projects, Viking advises it is currently having joint venture negotiations with various parties in relation to both of its Mongolian Coal projects.
The board believes it is in strong position to identify and evaluate other value creating opportunities in the mining sector. Please refer to our announcement on the 25 May 2017 on the Akoase gold project sale.
About Viking Mines Limited
Viking Mines Ltd (ASX:VKA) (FRA:AVI) was established in 2007 to explore for, develop and mine mineral deposits in Ghana, West Africa. The Company holds more than 250 sq km of ground in two project areas, West Star/Blue River and Akoase East and West. Both projects are located in southern Ghana within the Ashanti Gold Belt, one of the most highly gold endowed and tightly held geological provinces in the world. Numerous multi-million ounce gold deposits are located within and on the margins of the Ashanti Gold Belt, including two of the largest gold deposits in the world, Obuasi and Tarkwa.