The N’Golopène permit is situated along strike of the gold anomaly of the Syama mine, Resolute’s flagship operation with reserves of 2.94 million ounces (31.7 million tonnes @ 2.9 g/tonne). In 2011, Syama produced 85,362 ounces of gold.
In july 2011, Resources Robex has entered into a Farm In and Joint Venture Agreement with Resolute Mining Limited granting Resolute the right to earn up to a 70% interest in Robex's N’Golopène gold exploration permit located in southern Mali covering a terrestrial surface of 108km2. Resolute is Australia’s No. 2 gold producer.
Under the terms of this farm-in and joint venture agreement, Resolute has agreed to pay a total of US$400,000.00 over 12 months during the Initial Earning Period either in cash or by issuing Resolute shares; or a mixture of both methods. Resolute will earn an initial 51% Joint Venture Interest if it contributes a further US$1,000,000 to Joint Venture Expenditure during the 2 year Initial Earning Period. Following the Initial Earning Period, Resolute may elect to earn an additional 19% Joint Venture Interest by contributing a further US$1,500,000 to Joint Venture Expenditure or by producing a Feasibility Study during the 2 year Further Earning Period.
The plan for future work on the permit is being developed and will be communicated as soon as possible.