Asmara Sunset
Sanu Resources Ltd. is calling its Sharholders for a meeting on the planed merger with Canadian Gold Hunter Corp. The meeting, which will be held in Vancouver, British Columbia, on Monday, August 17, 2009, has two main purposes:
Firstly, to conduct a special resolution in the reduction of Sanu’s stated capital account by as much as CDN$18,000,000 that needs approval by the Sanu Shareholders of the Arrangement Resolution.
It is expected to close the arrangement on the 20th of August, 2009 provided that the required Sanu Shareholder as well as the Court and regulatory approvals and other terms and conditions are all received.
Secondly, it includes the authorization and approval of the proposed arrangement under which Canadian Gold Hunter Corp. (“CGH”) will acquire all of the issued and outstanding shares, options and warrants of Sanu. In a report, Sanu stated that through the proposed business combination with CGH, Sanu shareholders are expected to be well positioned.
The most advanced project is the Hambok deposit, massive sulphide copper/zinc exploration in Eritrea.
Hambok is a massive sulfide (VMS) deposit located at N15o25’07” / E37o24’31”, in Gash Barka District, west-central Eritrea.
In the latest Fact Sheet Sanu Resources provides five major points on Eritrea’s potential as a mining destination.
Perhaps one of the most important findings by Sanu is that the risk of doing business in Eritrea is over rated and therefore competition from other companies limited.
The facts are as follows:
Major emerging Volcanogenic Massive Sulphide (VMS) province: the Proterozoic Nubian-Arabian Shield on both sides of the Red Sea is emerging as one of the world’s most significant VMS provinces
High value gold-rich deposit commonly oxidized to >50 m; with significant oxide gold caps underlain by supergene enriched copper
Under-explored despite significant discoveries in the last ten years – Bisha, Eritrea, Ariab District, Sudan
Desert terrain, Simple to explore with low cost remote sensing and basic prospecting methods
Limited competition due to perceived over rated risk
Besides, Sanu operates in the carbonate-hosted heavy metal exploration in the Republic of Congo; as well as greenstone-hosted gold exploration in Burkina Faso. CGH is holding a large and diversified portfolio of exploration projects in Canada, Mexico, Argentina, Chile, Colombia and Peru. It is anticipated that combining the two companies will create one of the strongest exploration vehicles in the industry.
This is the second build up of mining companies planning to merge, which have projects in Eritrea. Sub-Sahara Resources and Chalice Gold Mines are on their way to merge mainly for financial reasons – Sub-Sahara has just under a million ounces of gold at Zara, but very little money for development, while Chalice has around A$10 million in the bank.
