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Monday, 26th February 2007 (3135 views)

Central African Gold has announced that it is to buy an 84.7 per cent share of Falcon Gold Zimbabwe effective from March 1st.

As part of its acquisitions strategy, Central African Gold also announced that it has bought the entire share capital of Olympus Gold Mines too, which becomes effective on the same date.

Greg Hunter, the chief executive officer of Central African Gold, said: " 'The acquisition of a second producing asset in arguably one of the highest gold endowed Achaean greenstone belts in the world, allows us to rapidly leverage our position up the value curve for our shareholders in an attractive gold price environment."

He added that these acquisitions add significant reserve and resource to the firm's gold production profile in Ghana while it also helps establish a presence in Mali and Botswana.

These additions add to the company's already successful operations in Zimbabwe which is a prolific gold mining country and comes third behind South Africa and Ghana in terms of historic gold production.

Central African Gold was established in London in 2003 and aims to identify and develop gold prospects throughout Africa.

 

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