Panthera Resources secures $13.6mln funding for Bhukia legal action
August 31, 2023 at 06:10 am EDT
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Panthera Resources PLC (AIM:PAT) managing director Mark Bolton speaks to Thomas Warner from Proactive after the gold exploration and development company announced that its subsidiary Indo Gold has received an unconditional $13.6 million funding facility from LCM Funding to pursue claims against the Indian government relating to the Bhukia Gold Project.
Bolton explains the background to the situation, highlighting that the Bhukia Project holds immense value with an established resource of 6.7 million ounces of gold. He notes that the funding arrangement with LCM provides a risk-sharing model for their arbitration claim, which "as a small micro-cap is a fantastic deal from the company's perspective." Panthera is now preparing for the arbitration process, aiming for a swift and amicable solution. Beyond India, Panthera is active in West Africa, and Bolton promises forthcoming updates on their projects in the region.
He concludes by saying that Panthera is "not a litigation company [but] a gold explorer" and he is looking forward to getting back on track at Bhukia.
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Panthera Resources PLC is a United Kingdom-based gold exploration and development company with key assets in West Africa and India. The Companyâs flagship property in India is in the state of Rajasthan. The Company's projects include Bhukia, Cascades, Bido, Kalaka, and Bassala. The Bhukia Project consists of a prospecting license (PL) application that lies within the former Jagpura Reconnaissance Permit Tenement. The Cascades gold exploration project is in the Banfora greenstone belt of the West African Birimian Supergroup in southwest Burkina Faso. The Bido permit in Burkina Faso is located on the Koudougou quadrangle some 125 kilometers (km) WSW of the capital Ouagadougou. The Kalaka Project is located in southeast Mali, between Morila and Syama gold mines and is approximately 260 km southeast of Bamako. The Bassala project is located within the highly gold-endowed Birimian volcano-sedimentary belt in southwestern Mali, approximately 200 km south of the capital city, Bamako.