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Volta Mining to acquire Kango Iron Ore Project in Gabon
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Friday, 23 Nov 2012
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Volta Mining Limited announced that it has entered into a binding Heads of Agreement with Core Mining Limited pursuant to which Volta Mining, through its 100% owned Mauritian subsidiary, Volta West Africa Limited, will acquire 100% interest in Core Mining Gabon SARL, the holder of the Kango Iron Ore Project in Gabon.

Key Points
1. The Kango Iron Ore Project is located approximately 15 kilometer from the Trans to Gabon Railway, a bulk haulage multi user railway that runs approximately 125 kilometer to Owendo Port, Libreville.

2. Regional geophysical data identifies a 60 kilometer aeromagnetic anomalous zone

3. Surface samples taken throughout the license by Core indicate the presence of iron mineralization with grades ranging from 39% Fe to 61% Fe

4. Legal and technical due diligence is underway by Volta Mining and is to be completed within a specified 30 day period

5. Core is to become a 15% shareholder in Volta Mining upon completion

The Kango Iron Ore Project is located within the northwest margin of the Archaean Congo Craton within West Central Africa and covers a total area of 1,818 kilometer.

Mr David Sumich MD of Volta Mining said that "The acquisition of the Kango Iron Ore Project is synergistic in terms of operations, exploration and future infrastructure with Volta Mining's landmark Mbombo Iron Ore Project acquired in August and as such we believe it will help position Volta Mining as a significant iron ore participant in West Africa."

Mr Socrates Vasiliades CEO of Core said that "We look forward to being a key shareholder of Volta Mining and the continued exposure to the Kango Project that this will provide. The current focus of Core remains developing our world class asset, Avima, in the Republic of Congo."

Source - Volta Mining Limited

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