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Rift Valley Resources kicks off gold nickel exploration in Tanzania

Rift Valley Resources kicks off gold nickel exploration in Tanzania

Recently listed Rift Valley Resources (ASX: RFV) has begun initial gold nickel exploration programs on its tenements in Tanzania, East Africa, the continent’s third largest gold producing country.

Field activity, comprising detailed geological mapping and rock chip sampling, is currently underway on Golden Pride North, Buhemba South East and Nyamagoma.

Golden Pride North is located four kilometres from Resolute Mining’s (ASX: RSG) Golden Pride Mine in the Nzega greenstone belt, and Buhemba South East is located in the Mara-Musoma greenstone belt. Both tenements hold potential for gold mineralisation.

Nyamagoma lies within the Kabaran Fold Belt, in the Kabanga region, and is being explored for its nickel potential.

Mike McKevitt, managing director, said “following the over-subscribed IPO we have hit the ground running and have commenced exploration on our gold and nickel prospects in Tanzania.”

Rift Valley listed on the ASX on 19 May 2011, offering 50 million shares at $0.20 to raise up to $10 million.

The company owns nine tenements in Tanzania covering 1,183 square kilometres and holds the rights over a further seven applications for prospecting licenses.

Tanzania has in the past decade emerged as an African gold producing powerhouse, and from virtually no production in 1998 the country is now the third largest producer of gold in Africa.

Tanzania provides one of the most attractive investment environments in Africa following its embrace of open-market economic policies starting in the mid 1990’s.

It is a politically stable democracy, follows a British legal system, and has a rich endowment of mineral resources.

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