Acacia Mining terminates earn-in agreement with Sarama Resources

Date Closed

May 14, 2019

Lead Office

Toronto

On May 14, 2019, Acacia Mining announced that it has executed a definitive agreement that officially terminates its earn-in agreement with Sarama Resources in respect of the South Houndé gold project in Burkina Faso. Sarama will resume 100% ownership of the project in exchange for US$2 million in staged payments, as well as royalty payments on gold production and 5 million warrants for common shares in Sarama exercisable for five years.

Acacia Mining is a public gold producer. It operates three mines in Tanzania as well as exploration projects in Kenya, Burkina Faso and Mali.

Sarama Resources is a West African gold explorer and developer focused on establishing a new mining district in Burkina Faso.

McCarthy Tétrault LLP advised Acacia Mining with a team led by Daniel Bornstein that included Claire Lehan.

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