GUYANA Frontier Mining Corp a Canadian Mining Company searching for gold in the South Rupununi, Region 9 (Upper Takutu/Upper Essequibo) last week  announced that it has acquired a 100%  ownership of the Black Banana Gold Project in Guyana’s North West/ Region 1 (Barima/Waini).

Black Banana, consisting of nine prospecting permits and 1 mining permit totalling approximately 10,000 acres near Matthews Ridge, had been previously mined by Frederick Obermuller, who, Guyana Frontier described as the vendor.
CEO and President Warren Stanyer disclosed that Guyana Frontier acquired its 100% interest in Black Banana by paying to Obermuller an aggregate of US$157,500 in cash and incurring exploration expenditures of US$300,000 before December 6, 2012.
Obermuller is entitled to a three percent % net smelter returns royalty (“NSR”) on Black Banana.
The NSR is the gross revenue (total revenue minus production costs) that the owner of a mining property receives from the sale of the mine’s metal products less transportation and refining costs.
But Guyana Frontier will have the option, at any time, to reduce the NSR to nil upon paying Obermuller an aggregate of US$1,500,000, Stanyer disclosed.
The deal for acquisition of Black Banana had been signed on September 6, 2008.
The company also disclosed that on May 26, 2010, it signed a joint venture agreement with Mulgravian Ventures Corporation, whereby Mulgravian may acquire a 60% working interest in Black Banana through a series of qualified exploration and development expenditures, and direct investments in Guyana Frontier.
Upon completion of these investments and exploration expenditures, Mulgravian will become the beneficial owner of 60% of the issued shares of Black Jack Mines Inc. of Black Banana  with Guyana Frontier holding the remaining 40% of the shares.
Guyana Frontier formerly Shoreham Resources is currently focused on the first ever large scale search for gold in the Rupununi at Marudi Mountain Region 9 (Upper/Essequibo/Upper Takutu).
The presence of multiple mineralized veins, high grades, and a favourable geological setting supports its interest in Black Banana, a spokesman for the Company recently disclosed.
He added that while Black Banana will not detract its focus from the Flagship Marudi Mountain prospect, the Black Banana opportunity definitely provides for Guyana Frontier’s long term growth plans in Guyana.