Hansa Resources Ltd. has provided this update to the company’s news release of March 20, 2018, announcing the company’s option agreement with Poseidon Offshore Minerals Inc. for the grant to the company of an option to earn an interest in an offshore mineral reconnaissance licence to explore for gold, diamond and heavy minerals and aggregate in an area of 20,000 square kilometres on the continental shelf of Ghana.
The company has received and provides an update on the status of the licence. On Jan. 22, 2018, the Ghana Minerals Commission recommended that the minister approve Poseidon’s application for the licence. On Jan. 30, 2018, the Minister of Lands and Natural Resources of Ghana approved the recommendation of the commission to grant the application.
Following the above approvals, and due to the unique nature of the licence application, the commission initiated a process whereby all relevant government agencies and interested parties were provided an opportunity to meet with Poseidon to discuss any matters of relevance to the licence application, which was followed by a written approval process. This process is continuing, and Poseidon expects it to be concluded in the coming weeks.
The licence fee of $100,000 (U.S.) was advanced by the company and paid to the government of Ghana by Poseidon. Through an amendment to the option agreement, this payment has been credited to reduce the company’s first-year option payments.
About Hansa Resources Ltd.
Hansa Resources is a TSX Venture Exchange-listed and Frankfurt-traded Canadian mineral exploration company engaged in the acquisition, exploration and development of base and precious metal properties. Hansa Resources is committed to building shareholder value through minimizing risk and maximizing potential value of the company’s projects, utilizing Hansa’s highly experienced, flexible and successful board of directors and management.
