With the new government in Ghana now settled in Asante Gold Corp (CVE:ASE) is hoping progress towards completion of the Kubi mining lease will pick up.
Final closing of the Kubi mining lease acquisition is subject to receipt of the consent of the Minister of Lands and Natural Resources of Ghana, which is currently being sought.
The company reassured investors that it is still involved in discussions with the third parties that control the eight prospecting licenses with a view to finalizing arrangements for their transfer to Asante.
The news on the proposed joint venture with BXC to develop the Kubi mining lease is a bit more mixed.
Due to uncertainty over when the requisite government approvals would be obtained, not to mention the ongoing financing needs of the company, both parties have agreed to let the joint venture idea lapse.
Asante and BXC are still hopeful that the joint venture idea can be revived in the future.
The company also updated on progress on the Betenase option, which adjoins to the east of the Kubi mining lease.
Asante is continuing discussions with the third party that controls the Betenase permit to effect its finalization and transfer to the company.
The option and sale agreement, announced on Aug. 10, 2015, allows Asante Gold to acquire up to a 100% interest in the permit, subject to a 1% net smelter return royalty (NSR) to third parties.
Finally, Asante Gold has received notice from NSS Resources Inc that a significant part of its Seneca property claims in the Harrison Lake area of British Columbia have expired. The decreased size of the property may have a negative impact on the potential future value of the issuer's 2% NSR royalty that it holds on the remaining Seneca claims.