Aviva Corporation Interest In West Kenyan Project Registered By Kenyan Government

May 03, 2012 2:57 AM ET
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Aviva Corporation's (ASX: AVA) 51% interest in Special Licenses No.123 and No. 213 on its West Kenya joint venture with AfriOre International has been officially registered by the Kenyan Government.

The company had in just over the year achieved a 51% interest in West Kenyan project after meeting its obligation to spend US$3 million (A$2.9 million) over three years.

Aviva chief executive Lindsay Reed was pleased with the official recognition of the company's progress on the large 2800 square kilometre project that had been largely unexplored for the last 60 years.

"Results from the drilling continue to be very encouraging."

Recent drill holes at the Bushiangala prospect have returned highlights of:

- 2.58 metres at 3.36 grams per tonne (g/t) gold from 95.64 metres;
- 10.82 metres at 3.96g/t gold from 48.6 metres;
- 2.93 metres at 7.77g/t gold from 96.97 metres;
- 4.17 metres at 1.68g/t gold from 56.76 metres; and
- 9.04 metres at 13.05g/t gold from 5.96 metres.

Meanwhile, two holes drilled into the Kimingini prospect intersected 3.4 metres at 5.31g/t gold from 227.64 metres and 3.27 metres at 10.23g/t gold from 156.13 metres.

Early reconnaissance drilling has identified Bushiangala and Kimingini are two key prospects at the Kakamega Gold Camp, which is situated about 150 kilometres north of Red Rock Resources' (LON: RRR) 1.2 million ounce Migori prospect and around 200 kilometres north of Barrick Gold Corporation's (TSX: ABX, NYSE: ABX, LON: ABX) operating 3 million ounce North Mara mine.

Aviva can earn up to a 75% interest in the project under a joint venture agreement with AfriOre International, a Lonmin (LSE: LMI) subsidiary, through expenditure and completion of a Prefeasibility Study on any project on the licences demonstrating a pre-tax net present value of A$50 million.

Work during early 2012 is focusing on drilling prospects in the Kakamega Gold Camp with infill, down dip and extensional drilling at Bushiangala and Kimingini being prioritised.

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