Volt Resources (ASX:VRC) - Managing Director, Trevor Matthews
Managing Director, Trevor Matthews
Source: Business News
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  • Volt Resources (VRC) has set the record straight, following claims another company may have ownership in the Luiri Hill Gold Mine in Zambia
  • Volt is in the process of acquiring an 85 per cent stake in the mine, as part of an agreement with two separate companies
  • But a recent article has alleged another company, Westate Capital, may have a claim in the mine, prompting Volt to seek clarification
  • Along with the Luiri Hill update, Volt also announced it has completed the acquisition of all of the issued shares in Gold Republic
  • This means Volt will take hold of Gold Republic’s permits for its three gold projects in Guinea
  • Shares in Volt are trading up 5.26 per cent at two cents per share

Volt Resources (VRC) has set the record straight, following claims another company may have ownership in the Luiri Hill Gold Mine in Zambia.

Volt is in the process of acquiring an 85 per cent stake in the mine, as part of an agreement with Cupriferous Resources and Bukomo Mining.

But a recent article alleged that a completely separate company, called Westate Capital, may have a claim in the gold mine.

Information ownership

In particular, the article said Westate believes it has ownership of key information relating to the Luiri Hill project and it’s concerned about Volt trying to access it.

In response to this ownership claim, Volt has reached out to the Zambian Government to seek clarification.

“Volt has already obtained the necessary approval from the existing licence holders to access and obtain information regarding the Luiri Hill Gold Project from the Zambian Government,” it added.

The company has promised to update shareholders as soon as it receives clarification from Zambian officials.

Volt has already completed due diligence on the Luiri Hill project and said it was close to completing the deal to acquire a major stake in the mine.

Acquisition completed

Along with the update on Luiri Hill, Volt also provided an update on another one of its African projects, the Guinea gold projects.

The company said it had officially completed the acquisition of all the issued shares in Gold Republic, which owns three gold projects.

As part of the acquisition, Volt takes control of the six permits across the three sites in the prolific Suiguri Basin in Guinea.

Following today’s comprehensive update on both of the African projects, shares in Volt are trading up 5.26 per cent at two cents per share at 12.08 pm AEST.

VRC by the numbers
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