Solidcore enters Japanese projects, to invest $25 mln in exploration firstGold miner Solidcore Resources has formed a strategic alliance with Canada-based Japan Gold Corp. covering five of its exploration projects in Japan, Solidcore said in a statement Wednesday.The projects — Hakuryu, Bajo, Mizobe, Ryuo and Aibetsu — are located on the islands of Hokkaido and Kyushu, near previously operating mines.Solidcore has committed to fund a three-year exploration program for a total amount of CAD$ 35 million (US$ 25 million), with the right to increase its interest in the five projects up to 80% over several development stages.Solidcore has also acquired 78,775,000 units of Japan Gold in a private placement, for a total consideration of CAD$ 9.45 million (US$ 6.85 million). Solidcore now owns 18.81% of Japan Gold's issued and outstanding common shares on a non-diluted basis, and 19.9% on a partially diluted basis. The equity financing will allow Japan Gold to continue 22 other exploration projects, create enhanced drilling capacity and fund general working capital.Japan Gold is Canada's largest gold exploration company in Japan, with a portfolio covering more than 3,000 square kilometers in regions with known gold mineralization and a history of gold mining.Following the divestiture of its Russian assets, Solidcore is now the second-largest gold producer in Kazakhstan. The company owns and operates the gold mine Bakyrchik in the Abai region and the Varvara and Komar mines in the Kostanay region. The company’s largest shareholder is a consortium of Omani investors led by the state-owned Mercury Investments International Fund, which holds a 31.7% stake. (ICE ALMATY)

Fonte notizia: INTERFAX