Thursday, Avion Resources Corp. (AVR.V) said it signed an agreement to sell 50% of its interest in the Segala gold project located in Mali, West Africa to Dynamite Resources Inc. Dynamite Resources has agreed to pay US$5 million for acquiring a 40% interest in Segala to Avion Resources.
Following the transaction, Avion Resources will retain a 40% interest in the Segala Gold Project and the Government of Mali will hold 20% interest.
The company said it has an option to re-purchase a 20% interest in the Segala property from Dynamite that shall be exercisable at any time during the 90-day period that commences on the production of 22,000 ounces of gold on account of Dynamite. The option will expire on March 31, 2010.
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