- Black Mountain Gold USA Corp. (BMG) has signed a binding memorandum of understanding (MOU) with the shareholders of Equatorial Potash
- The MOU gives Black Mountain the option to acquire up to a 100-per-cent interest in the Banio Potash Project in Gabon by the acquisition of Equatorial Potash
- Equatorial Potash is the 100-per-cent owner of Mayumba Potasse SARL
- Black Mountain Gold USA Corp. is a gold exploration company
- Black Mountain Gold USA Corp. was unchanged at C$0.365 at 1:01 PM ET
Black Mountain Gold USA Corp. (BMG) has signed a binding MOU with the shareholders of Equatorial Potash, a private Australian company.
The MOU gives Black Mountain the option to acquire up to a 100-per-cent interest in the Banio Potash Project in Gabon by the acquisition of Equatorial Potash from the current shareholders, following the completion of certain basic terms outlined below.
Equatorial Potash is the 100-per-cent owner of Mayumba Potasse SARL, a Gabonese company holding a 100-per-cent interest in Gabonese Exploration Permit No. G2-595 Potasse et Sels Connexes Mayumba renewed February 4, 2022.
“BMG is excited to have the opportunity to acquire the Banio Potash Project and to be entering the potash space as population growth drives demand for higher quality food products and as traditional sources of potash have come under pressure,” said Farhad Abasov, Director.
“The Banio Potash Project has strong potential, and its basic geology is similar to large potash deposits in the neighbouring Republic of Congo, which has been found to be amenable to solution mining,” he added.
Gabon is located in western Africa, on the Atlantic coast. The Banio Permit is 1,244 km2 situated in the southern part of the country, approximately 50 km south of Mayumba and along the border with the Republic of Congo.
Furthermore, in conjunction with the acquisition of the Banio Potash Project, BMG is planning a name change to “Millennial Potash Corp.” concurrently with receipt of final approval of the MOU.
The company’s intent at this time is to not expend more funds on the Mohave Gold Project. The company’s alternatives for the Mohave Gold Project include terminating the option or vending it out of the company.
Black Mountain Gold USA Corp is a gold exploration company.
Black Mountain Gold USA Corp. was unchanged at C$0.365 at 1:01 PM ET.