PRESIDENT and Chief Executive Officer (CEO) of Canadian-owned Tajiri Resources Corporation, Mr.  Graham Keevil announced, last week, that the company has entered into a Letter of Intent with another Canadian company operating in Guyana, the Arrowhead Gold Corporation. The agreement covers the prospecting licence (PL) at Kaburi in the Mazaruni Mining District and provides Tajiri with 100 percent interest in the hard rock mining rights in that property, he reported.
Keevil said Tajiri had long considered the Kaburi PL to be of strategic importance with respect to ongoing developments in Guyana’s gold exploration sector and previously owned 51 percent interest in it.
“Assuming approval and completion of the definitive agreement, the company and its board are of the opinion that consolidating interest in this highly prospective gold exploration asset will create greater value for all stakeholders as work begins to evaluate its mineral potential,” he explained.
Under the terms of the letter and upon approval by the TSX Venture Exchange in Canada, Tajiri will issue, to Arrowhead, a total of three million common shares and make a one time payment of Cdn$50,000 for giving up its interests in the Kaburi property, Keevil said.
Arrowhead is currently carrying out exploration on its wholly owned property at Puruni in the Mazaruni mining District.
Tajiri received confirmation from the Guyana Geology and Mines Commission (GGMC) that a renewal of large scale prospecting license number 01/2009, also known as the Kaburi PL, was approved by the Board of Directors on June 14, 2012.
The Kaburi PL occupies 2,598 hectares (6,421 acres) of the Guiana Shield Greenstone Belt, within the Mazaruni Mining District of Guyana.
This area has long been a source of gold production in the country and its local mining interests and, more recently, gained awareness in the international exploration community, due to the underexplored and highly prospective nature of the geology present there.
Tajiri believes that the Kaburi Project has the potential to host similar gold mineralisation to Azimuth’s West Omai prospects and warrants systematic mineral exploration programmes to advance, Keevil said.
He also disclosed the appointment of Mr. Paul D. Gray to the position of Project Manager for the Kaburi Project.