Gold Concessions

Background

Gold has been mined in Guinea from pre-history.  The fabled Buré Goldfields from ancient times covered an area including the Siguiri gold mine in northeast Guinea, and extending into southern Mali, to Randgold’s Tongoro gold mine.  During the fifteenth century Europeans developed the custom of calling these gold-bearing areas Guinea (which the British persisted for a long time in spelling “Ginney”).  In 1662 the English began to use the gold imported from West Africa to mint a coin that they called the “guinea”.

The Birimian greenstone belts of West Africa, which extend into northeast Guinea, constitute one of the most prolific gold mining provinces in the World.  The Birimian in Guinea is a remote hinterland with very poor infrastructure which has been only superficially explored using modern technology including current geological understanding of ore formation, geophysics and geochemistry.

The Birimian of Guinea has a rich gold endowment clearly demonstrated by several modern discoveries including the world class Siguiri mine (6.5 million ounces) as well as extensive alluvial gold deposits and shallow artisanal gold workings.  There is no question that similar gold provinces in Australia or North America, with comparable gold endowments, have seen significantly more exploration activity resulting in more discovery, mine development and gold production.  The gold industry of Guinea, on the other hand, is far less developed with consequent increased potential for important new discovery.

It is in this historic, yet under-explored, gold province that SMA has created its Guinean operating affiliate, Sovereign Mines of Guinea, and assembled three highly prospective gold projects.


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