- Panthera Resources said it had negotiated an opportunity to acquire the Labola gold project in Burkina Faso, West Africa.

The project consisted of a package of around 65 square kilometers of licences hosing two significant quartz vein structures.

Panthera would have four months in which to undertake technical and legal due diligence on the project.

Resource definition and development would then proceed for a period of up to five years, during which time Panthera would make an annual $50k payment to the vendors.

Panthera would also have an option to purchase 100% of the vendors' interest at any time within the five years for $1m, at which time the annual payments would cease.

An additional $1m payment would be made upon the successful definition of a JORC compliant resource of at least 1,000,000 ounces of gold.

The vendors would retain a 1% net smelter royalty on all gold produced up to a total aggregate payment of $2m.

At 10:01am: [LON:PAT] Panthera Resources Plc Ord 1p share price was +0.35p at 2.25p

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