Friday, 14th January 2005 (2861 views)

Redstar Gold is now poised to enter Nevada gold exploration after acquiring the rights to AngloGold Ashanti's Nevada geological database.

The two have entered a joint exploration partnership, with the agreement giving Redstar the rights to the database for 18 months in exchange for 100,000 shares.

Ashanti will also retain back-in rights on any property interest Redstar has in Nevada and provide technical support in geophysical mapping and interpretation to Redstar.

Redstar will acquire a full copy of the database once it has spent $2 million on Nevada exploration.

In a statement, Jeff Pontius from AngloGold Ashanti said: "AngloGold Ashanti is pleased to align itself with the Redstar group on the Nevada Exploration Alliance."

"The two groups are a good fit, particularly when it comes to combining major company technical skills with junior company prospecting power, so as to better utilise our extensive Nevada exploration database in a cost effective way."

Redstar said the acquisition will give the company the advantage to become an "active player" in Nevada exploration.

 

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