This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Silver Bull And AngloGold Ashanti Terminate The Ndjole-Mevang And Ogooue Joint Ventures In Gabon, Central Africa

VANCOUVER, British Columbia, Aug. 3, 2012 /PRNewswire/ --Silver Bull Resources, Inc. (TSX: SVB, NYSE MKT: SVBL) ("Silver Bull") announces that it has received notification from AngloGold Ashanti Holdings plc ("AngloGold") terminating the Ndjole-Mevang and Ogooue joint venture agreements in Gabon, Central Africa.

(Logo:  http://photos.prnewswire.com/prnh/20120803/LA51676LOGO)

In October 2009 Silver Bull entered into two joint venture agreements with AngloGold, the "Ndjole-Mevang" and the "Ogooue" joint venture agreements via its 100% owned subsidiary Dome Ventures Corporation ("Dome").

Ndjole-Mevang Joint Venture Agreement; Under the terms of the joint venture, AngloGold earned a 20% interest by paying to Dome US $400,000 upon signing of the joint venture agreement in October 2009. AngloGold could then earn an additional 40% interest by paying Dome US $100,000 per year over the next three years and by spending US $3.7 million on exploration over this period. By terminating the joint venture AngloGold forfeits all its interests in these licenses and 100% of these licenses return to Dome.

Since October 2009, AngloGold has spent approximately US $5.7 million on exploration under the Ndjole-Mevang Joint Venture Agreement. Approximately 90% of this expenditure has been used to target the gold potential on the Ndjole license. Work completed under the joint venture agreement includes: 5,300 meters of diamond drilling, a 3,660 line kilometer airborne electro-magnetic survey, 1:20K geological mapping and basin analysis for the Ndjole area and 20,000 soil samples targeting areas considered to be prospective for economic gold mineralisation. 

Silver Bull is of the view that the gold and manganese potential remains high in the Ndjole license. As such, further exploration programs are planned to unlock the potential of this area. A full summary of the results will be released shortly.

Stock quotes in this article: SVBL 

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 +2.54 0.14%
NASDAQ 4,095.5160 +9.2910 0.23%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs