Sanu Gold Acquires Initial 51% Interest in Gold Exploration Permits in Guinea, West Africa
Sanu Gold Acquires Initial 51% Interest in Gold
Exploration Permits in Guinea, West Africa
Vancouver, British Columbia--(Newsfile Corp. - September 15, 2022) - Sanu Gold Corporation (CSE:
SANU) ("Sanu Gold" or the "Company") is pleased to announce that the Company has earned into and
acquired an initial 51% interest in each of the Daina, Diguifara and Bantabaye Gold Exploration Permits
(the "Permits") in Guinea, West Africa by acquiring a 51% interest in the Guinean partner companies
1
that hold the Permits, under the terms of the underlying agreements, as described in the Company's final
prospectus dated June 21, 2022.
Martin Pawlitschek, President & CEO of Sanu Gold, commented, "The Company has worked
diligently to systematically explore our three highly-prospective gold exploration permits in
Guinea, West Africa. In a short period of time, we have defined multi-kilometre long gold
anomalies, which we are now beginning to drill test. I am pleased to announce today we have
reached our Stage 1 commitments to earn a 51% interest in each of the three permits and look
forward to achieving our subsequent ownership milestones."
On each of the Permits, upon completion of a definitive feasibility study ("DFS"), Sanu Gold, through its
wholly-owned subsidiaries
2
, has the right to acquire up to an 85% interest in the partner company, by
funding a staged work program with key minimum milestones. On a decision to mine on any of the
Permits, the partner company would be required to fund its pro-rata share of mine construction or elect to
dilute to a 1.5% net smelter return ("NSR") royalty.
The key terms of the Option Deeds with MS, NED and RM are as follows:
Stage 1
A 51% interest can be earned in each of MS, NED and RM by completing a minimum US$400,000 work
program within 18 months of signing the TFPA. The minimum work commitment may include
geochemical sampling, geological mapping, auger or rotary air blast drilling, reverse circulation drilling,
and diamond drilling, sample analysis and geophysical surveys. Gainde has the right to direct the work
program and its priorities, while the partner company personnel and its contractors will carry out the
exploration and administrative management. The option will expire if Gainde fails to fulfill the minimum
expenditure requirements and drilling commitments.
Sanu Gold has now met the minimum expenditure and work commitment milestones defined in the
agreements with MS, NED and RM. Sanu has set up Zirasanu, a 100% owned Guinean corporation, to
which it has assigned Gainde's interests and, which holds a 51% ownership interest in each of MS, NED
and RM. The completion of Stage 1 allows for Sanu Gold (through Zirasanu) to continue investing in the
exploration permits and completing additional ownership milestones as outlined below.
Stage 2
A 75% interest can be earned in each of MS, NED and RM by investing a further US$600,000 into the
exploration and development of each Daina, Diguifara and Bantabaye within 18 months of meeting the
Stage 1 earn-in requirements.
Stage 3
An 80% interest can be earned in each MS, NED and RM by funding additional exploration and
evaluation programs to the value of US$1,000,000 or by completing an initial resource estimate and a
preliminary economic assessment ("PEA") within 18 months of the completion of the Stage 2 earn-in.
Completion of a DFS
The Company has the right to earn an additional 5% stake in each of MS, NED and RM, for a total 85%
interest, by completing a DFS.
Decision to Mine
On completion of a DFS, MS, NED or RM can apply for an exploitation permit. On granting of the
exploitation permit the Government of Guinea will be entitled to a 15% interest in the joint venture
company. The original shareholders of MS, NED or RM will be required to fund its share of the mine
construction capital expenditure or alternatively can elect to dilute to a 1.5% NSR Royalty.
Next Steps
Sanu Gold will continue to advance the exploration programs on all the Permits and anticipates
completing the next earn-in stages in due course.
Qualified Person
The scientific and technical information contained in this press release has been reviewed and approved
by Serigne Dieng, Ph.D., M.Sc., a Member (MAIG) of the Australian Institute of Geoscientists (AIG),
Exploration Manager of the Company and a qualified person within the meaning of National Instrument
43-101 - Standards of Disclosure for Mineral Projects.
About Sanu Gold
Located within the world class Siguiri Basin, host to several operating mines, Sanu Gold is exploring
three high quality gold exploration permits in Guinea, West Africa targeting multi-million ounce gold
discoveries. The Company has defined multi-kilometer scale gold bearing structures on each of the gold
exploration permits, with multiple high-value drill targets. Sanu is operated by a highly experienced team
with successful records of discovery, resource development and mine permitting.
Martin Pawlitschek
President & CEO, Sanu Gold Corp.
For further information regarding Sanu Gold, please visit the Company's website at
www.sanugoldcorp.com
or contact:
Fiona Childe
VP, Corporate Development & Communications
Sanu Gold Corp.
John Boidman
Renmark Financial Communications Inc.
+1 (514) 939-3989; +1 (212) 812-7680
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts
responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain statements that may be deemed "forward-looking statements" with
respect to the Company within the meaning of applicable securities laws. Forward-looking statements
are statements that are not historical facts and are generally, but not always, identified by the words
"expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "indicates",
"opportunity", "possible" and similar expressions, or that events or conditions "will", "would", "may",
"could" or "should" occur. Although Sanu Gold believes the expectations expressed in such forward-
looking statements are based on reasonable assumptions, such statements are not guarantees of future
performance, are subject to risks and uncertainties, and actual results or realities may differ materially
from those in the forward-looking statements. Such material risks and uncertainties include, but are not
limited to, the Company's plans for exploration on its properties and ability to execute on plans, ability to
raise sufficient capital to fund its obligations under its property agreements going forward and to
complete further earn-ins, ability to maintain its material property agreements, mineral tenures and
concessions in good standing, to explore and develop its projects; changes in economic conditions or
financial markets; the inherent hazards associated with mineral exploration and mining operations, future
prices of gold and other metals, changes in general economic conditions and local risks in the
jurisdiction (Guinea) in which it operates, accuracy of mineral resource and reserve estimates, the
potential for new discoveries, the ability of the Company to obtain the necessary permits and consents
required to explore, drill and develop the projects and if obtained, to obtain such permits and consents in
a timely fashion relative to the Company's plans and business objectives for the projects; the general
ability of the Company to monetize its mineral resources; and changes in environmental and other laws
or regulations that could have an impact on the Company's operations, compliance with environmental
laws and regulations, dependence on key management personnel and general competition in the mining
industry. Forward-looking statements are based on the reasonable beliefs, estimates and opinions of
the Company's management on the date the statements are made. Except as required by law, the
Company undertakes no obligation to update these forward-looking statements in the event that
management's beliefs, estimates or opinions, or other factors, should change.
1
Mansa Sanou Exploration SARL ("MS") regarding the Daina Gold Exploration Permit ("Daina"),
Nature Exploration and Discovery SARL ("NED") regarding the Diguifara Gold Exploration Permit
("Diguifara") and Ressources Mining SARL ("RM") regarding the Bantabaye Gold Exploration Permit
("Bantabaye").
2
Gainde Gold SUARL ("Gainde") and Zirasanu SARLU ("Zirasanu").
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