Fortuna Mining Forms Strategic Exploration Alliance in Guinea
Fortuna Mining Partners with DeSoto Resources for Exploration
Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) has announced an exciting collaboration with DeSoto Resources Limited, an Australian-based gold exploration company. This strategic partnership aims to establish an exploration alliance within the promising Siguiri Basin in Guinea, recognized for its potential to yield significant gold deposits.
Exploring New Opportunities
Paul Weedon, Senior Vice President of Exploration at Fortuna, emphasized the immense potential of Guinea’s Siguiri Basin. He stated, "The region has shown it can host multi-million-ounce gold deposits, and this alliance with DeSoto positions us to tap into this potential effectively. We are excited to work alongside a team with a proven record in West Africa, enhancing our exploration efforts in this area."
Key Terms of the Agreement
The binding Heads of Agreement (HOA) marks the beginning of a cooperative venture aimed at expanding mining activities. Key components of the agreement include:
- The partnership is geared towards applying for and acquiring new exploration permits in targeted regions.
- A joint venture company (JVCo) will be established, consisting of a board with four directors, equally appointed by each party, ensuring balanced decision-making.
- The initial 36-month phase focuses on identifying 'Go Projects', which are significant gold discoveries poised for further development.
- Upon the approval of a Go Project, JVCo will enter a formal joint venture, where Fortuna will hold a 70 percent stake, with DeSoto retaining 30 percent. Fortuna will manage the entirety of the exploration funding until it reaches either three years or a cumulative expenditure of $12.5 million across eligible projects.
About DeSoto Resources Limited
DeSoto Resources is an Australian-listed mining company dedicated to gold exploration and project generation in Guinea. The team behind DeSoto boasts a rich history of successful endeavors in West African exploration, highlighted by their significant contributions to the discovery of Predictive Discovery’s noteworthy 5.4-million-ounce Bankan Gold Project.
About Fortuna Mining Corp.
Fortuna Mining Corp. is a leading Canadian mining firm with operational mines in various locations and a portfolio rich in exploration projects across Argentina, Côte d’Ivoire, Mexico, and Peru, in addition to their Diamba Sud Gold Project situated in Senegal. The company prioritizes sustainable practices as an integral part of its operations, focusing on creating long-term value through responsible production, environmental stewardship, and community engagement.
For more detailed information about Fortuna Mining Corp., interested parties are encouraged to visit their official website.
ON BEHALF OF THE BOARD
Jorge A. Ganoza
President, CEO, and Director
Fortuna Mining Corp.
Investor Relations:
Carlos Baca | Contact: info@fmcmail.com
Frequently Asked Questions
What is the main objective of Fortuna's alliance with DeSoto?
The primary goal is to explore and acquire new exploration permits in the Siguiri Basin, which shows potential for multi-million-ounce gold deposits.
How will the joint venture operate?
The joint venture (JVCo) will commence after identifying 'Go Projects'. Fortuna will manage funding initially until certain conditions are met.
What expertise does DeSoto bring to the collaboration?
DeSoto's management team has a strong background in gold exploration in West Africa, renowned for their successful projects.
What is Fortuna Mining's focus in terms of sustainability?
Fortuna prioritizes sustainable mining practices aimed at creating long-term shared value while being responsible stewards of the environment.
Where can I learn more about Fortuna Mining Corp.?
More information about the company's projects and operations can be found on Fortuna Mining's official website.
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