After returning from his trip to Ghana, West Africa CEO/President Walter Weekes, Sr. described his visit as being highly successful and productive. He also stated that Ashanti Resources, is being positioned to have a very successful New Year! Mr. Weekes said, “2018 promises to be the beginning of tremendous wealth and value being added to the company, it shareholders and partners.”
Here are a few of the milestones:
1. AR has negotiated a contract that has been presented to the owner of the Asekyere Gold Mine. The results are a Purchase and Sale Agreement has been accepted and signed by the owner.
2. AR has received a preliminary verbal commitment from the Mineral Commission, which states that the Purchase and Sale Agreement is in order and will receive a favorable granting of the transfer. However, the agreement must be presented and reviewed by the Mineral Commission which is the governing body of all mines in the country of Ghana. The agreement will be forwarded after the holidays to the commission for their signing off and approval. It is our understanding that this process should happen within 30-60 days. The Askeyere mine will be the first asset for the company prior to being listed on the stock exchange.
3. AR is currently having formal discussions with three companies that will be providing Optimum with a CPR (Competent Person Report) to validate the 30-50 million ounces of gold reserves, that our company believes to be in the ground.
The 3 companies that have received requests for proposals are:
RPS Energy, of the UK
Venmyn Deloitte, of South Africa
SRK Consulting, of the UK
A decision as to which company will provide the CPR will be forth coming.
Oil Properties Up-date
1.) Mr. Weekes, has signed an NDA with a private owner of an Oil property, known as Onshore Keta basin which comprises of an onshore area of 1,900km, and an offshore component of approximating 32,000km2. Discussions are underway to enter into a joint venture agreement whereby the oil assets will be a part of Optimum’s business activities.
Exploration History of the Onshore Keta basin:
Exploration for oil in the Onshore Keta basin began in the early sixties Four onshore wells and eight offshore wells have been drilled in the basin between 1966 and 2003. Total depth covered 5,152 to 13,449 feet. However, oil is yet to be drilled in commercial quantities in the basin because the basin is under-explored. Technical reports and feasibility studies must be performed. The oil reserves are in the range of 2 billion barrels.
2.) The company that owns the Keta Basin also has a license to import and export crude oil and petroleum products. This is also known as Oil Trading. AR has been presented with an opportunity to acquire an interest in this lucrative business opportunity, to which the details are being discussed and will be negotiated to acquire assets into its company and hold an equity position in both projects.
We anticipate having access to the company’s data room by early January 2018. Mr. Weekes also received a copy of the Oil Trading block perspectives. A memorandum of understanding/Joint Venture Agreement will be formulated as we enter into these projects.
Immediate Future Development
In light of the great success of the CEO’s trip and the recent develops with both the gold mine property and the oil property, AR has decided to create two separate companies. One that will exclusively manage the business of the oil property and the other the business of the mining property. The new oil company will be registered in the UK. Each company will have its own website, business plan, PowerPoint and Investor presentation package.