Acclaim Exploration to drill Mangalisa Gold Project, awaits funding

Acclaim Exploration (ASX: AEX) has reached agreement with Goldcorp Limited to provide immediate working capital funding of up to A$2 million to expedite the proposed drilling program at the Mangalisa Project, which is located 20kms east of Welkom the urban centre of The Free State Goldfield in the Republic of South Africa.

The drilling program will commence prior to the formal completion of the proposed transaction and is still subject to shareholder and regulatory approval, with completion of the Notice of Meeting and statutory documents expected shortly.

The Board of Directors has also advised that the working capital funds will be applied in part consideration of the company's obligations under the purchase agreement for the Mangalisa Project.

The drilling program will centre around the PG-1 drill hole on the western side of the of the project area which intersected the Witwatersrand reef not previously encountered in the area at 776m below the surface, returning approximately 50g/t gold and 5 kg/t uranium over one metre.

The plan is to drill the holes to a depth of 1000m in order to verify the existence and provisional extent of the inferred deposition fan structure.

http://www.proactiveinvestors.com.au/companies/news/6439/acclaim-exploration-to-drill-mangalisa-gold-project-awaits-funding-6439.html