(MENAFN- Muscat Daily) Savannah Resources Plc, a multi-commodity-focused exploration and development company, announced on Wednesday that it had completed the acquisition of interests in Block 5 and Block 6 copper projects in Oman.
Savannah Resources, which is an AIM listed (London Stock Exchange's international market for smaller growing companies) company, has acquired interests in Block 5 and Block 6 from Toronto, Canada-based Gentor Resources Inc (GRI).
In a statement posted on its website, Savannah Resources said that the acquisition of these projects in Oman forms part of its growth strategy of building a globally diverse, multi-commodity exploration and development company.
The company has completed the acquisition of 100 per cent of GRI's subsidiary, Gentor Resources Limited (GRL), which has a 65 per cent interest in Block 5, and has the right to earn up to a 70 per cent interest in Block 6.
The projects cover 870 sq km of the copper-rich Seminail Ophiolite belt in Oman - proven to host clusters of moderate to high grade copper deposits with gold credits and metallurgically simple ores.
In an separate announcement, Gentor Resources Inc also said that it had closed the sale of Oman properties to Savannah Resources. It added that the sale of Oman properties reflects Gentor's focus on its copper exploration properties in Turkey.
Savannah's CEO David Archer said, ''The acquisition of the two highly prospective copper projects, with multiple high priority targets, is a key strategic development for Savannah. The projects provide Savannah with a strong profile in a key industrial metal, at a time when copper supply is increasingly challenged by mine disruptions, reduced capital investment and high costs in major producer countries.''
''Conversely, Oman is a very favourable setting for the disÂcovery of medium to high grade copper deposits. It is a low cost operating region, with well-Âdeveloped road, power and port infrastructure, low fuel costs and a favourable fiscal regime,'' Archer said.
''Importantly, the re-processing of existing geophysical data has already highlighted eight high priority targets on Block 5 for follow up by our highly capable, exploration team which is based out of the port city of Sohar. Drilling of targets is slated to start in late 2014,'' Archer add
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