Wase Hill Ltd. plans to raise up to US$ 3,300,000 to evaluate the mineral potential of the mining property and to establish an office in the capital, Abuja where the Ministry of Mines and Steel Development (MMSD) is located and in Mavo where at the site location.
The company will hire RSC Mining & Mineral Exploration (Australia) or a similar company to carry out an extensive evaluation of the site, provide advice on mining operations and produce an internationally accepted (JORC or N1 43-101).
RSC have submitted a proposal outlined below with a cost estimate of just over US$
2,928,000. The forecast allows for 20% contingency fund. Staff costs, legal and professional services, license fees and other office costs in the pre-operation phase are forecast to be approximately US$ 385,000.
Any surplus will form part of a contingency fund and for any additional legal services required to set up a subsidiary mining vehicle.
Mavo village has a number of artisanal deposits with local miners working on extracting Direct Shipping Ore (DSO). It is the intention of the Promoters to expand the lease area by acquiring suitable artisanal deposits through a process of negotiation and co-operation . The Promoters will also seek to aggregate all production from the area for a purchase and sales operation to augment production.