Altus Strategies gives Indiana Resources an extension to exclusivity period

The AIM-traded firm had given Indiana the exclusivity period to complete due diligence on its Lakanfla and Tabakorole gold projects, with Lakanfla located six kilometres southeast of the Sadiola gold mine in western Mali, and Tabakorole located in southern Mali.

Indiana had requested the extension in light of the time required to process the “substantial” amounts of historical data which existed on the projects.

If publicly disclosing the historical data, Indiana would be required to do so in accordance with ASX reporting standards, the Altus board said.

The extension was further to the announcements by the company on 7 February and 13 March in respect of the signing of, and an extension to, a non-binding terms sheet for a joint venture with Indiana on the projects, whereby - subject to entering a definitive agreement with Altus - Indiana would have the option to earn up to an 85% interest in Legend Mali BVI II, which is a wholly-owned subsidiary of Altus and which holds a 100% interest in the projects.

“Indiana may earn its interest in the projects by funding their exploration and development and in return the company will receive milestone based cash and equity in Indiana, retain a 2.5% net smelter return royalty on the projects and be the operator of the joint venture during the initial earn-in periods,” the Altus board said.

“The agreement remains subject to due diligence and other conditions precedent.”