Lexington on 15 May agreed to buy 76% of White Rivers Exploration, which was set up by Creasy in 2002. The company will pay up to £6.4m ($79m) through new common shares in Lexington Gold, and £300,000 ($371,963) via a subordinated loan to White Rivers. The acquisition is conditional on share subscription and loan agreements, along with approval from Lexington’s shareholders.
Mining exploration in South Africa has declined in recent years due to factors such as concern over the reliability of power supply, and lack of an efficient online cadastral system. The Witwatersrand basin is still the world’s largest gold resource, but according to Minerals Council
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