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September 02, 2015 4:37 AM ET

Metals and Mining

Company Overview of Sabodala Mining Company SARL

Company Overview

Sabodala Mining Company SARL engages in the exploration of gold resource properties. The company was founded in 1984 and is based in Dakar, Senegal. Sabodala Mining Company SARL operates as a subsidiary of Teranga Gold Corporation.

Senegal Rue 26

N'Gor

Dakar,  

Senegal

Founded in 1984

Phone:

221 338 693 181

Fax:

221 338 603 683

Key Executives for Sabodala Mining Company SARL

Sabodala Mining Company SARL does not have any Key Executives recorded.

Sabodala Mining Company SARL Key Developments

Axmin and Sabodala Mining Company SARL Provides the Senegal Permits Joint Venture Update

AXMIN Inc. announced that, in addition to its royalty interest of 1.5% of Net Smelter Returns from the sale or disposition of Minerals produced in the Gora Target Area, AXMIN has elected to convert its 20% interests in another 15 Target Areas into a 1.5% NSR from each Target Area under the Amended and Restated Joint Venture Agreement signed in February 2012 by AXMIN and its joint venture partner Sabodala Mining Company SARL, a wholly owned subsidiary of Teranga Gold Corporation. Under the Agreement, AXMIN and Teranga agreed that their respective interests in the Sounkounko and Heremokono explorations permits, which are located in the Birimian belt of eastern Senegal, are divided into Target Areas (being areas subject to exploration) and Remainder Areas (areas not yet subject to exploration) and that both parties will retain all respective interests in all of these areas, until AXMIN makes the Royalty Election. After the above Royalty Election, AXMIN holds a 1.5% NSR on 16 Royalty Target Areas (being Target Areas have been made Royalty Election on) in total and maintains 20% interests of Remainder Areas within the Senegal permits. The free carried interest of $2.5 million granted to AXMIN under the Agreement has been depleted on account of its 20% Participation Interest in respect of all Participation Target Areas (being areas subject to exploration and both parties remain their respective interests (Teranga – 80% and AXMIN – 20%)). No further participation contribution needs to be made by AXMIN beyond this $2.5 million free carried interest with respect to the Participation Target Areas where a Royalty Election has been made and SMC will solely fund all finance work costs for each of the Royalty Target Areas.

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