Volt Resources has set the record straight on the ownership of Luiri Hill Gold Mine. This is following claims that another company may have ownership in the mine located in Zambia. The mi ing firm is currently in the process of acquiring an 85% stake in the mine, as part of an agreement with Cupriferous Resources and Bukomo Mining.
However, in a recent article by local media, there is reportedly a separate entity known as Westate Capital that may have claim in the gold mine. In particular, the article said Westate believes it has ownership of key information relating to the Luiri Hill project and it’s concerned about Volt trying to access it.
As such, and in response to this ownership claim, Volt has reached out to the Zambian Government to seek clarification on who owns and can access the information. A statement released by the company read that Volt understands that the Zambian Government has the rights to this information, such that Westate may not have any proprietary interest in that information.
Furthermore, the firm has reportedly obtained the necessary approval from the existing license holders to access and obtain information regarding the Luiri Hill Gold Project from the Zambian Government.
The company has promised to update shareholders as soon as it receives clarification from Zambian officials. Meanwhile, it has already completed due diligence on the Luiri Hill project and said it was close to completing the deal to acquire a major stake in the mine.
Along with the update on Luiri Hill, Volt also provided an update on another one of its African projects, the Guinea gold projects. The company said it had officially completed the acquisition of all the issued shares in Gold Republic, which owns three gold projects.
As part of the acquisition, Volt takes control of the six permits across the three sites in the prolific Suiguri Basin in Guinea.