Nordgold has entered into an option agreement with Alicanto Minerals for the exclusive right to acquire a 100% interest in the Arakaka gold project in Guyana’s northwest mining district. Under the terms of the agreement, Nordgold has an option to acquire a 100% interest in the project by sole funding $3 million in exploration within a one-year option period and paying an additional $5 million to Alicanto to exercise the option.

Alicanto will remain operator of the project for the first 12 months, with a drilling campaign to commence as soon as practicable. Current exploration activity at the Arakaka project is focused on four well-defined target areas that have near- to medium-term resource potential.

Nordgold CEO Nikolai Zelenski commented, “We are excited to further strengthen our international exploration portfolio with this highly prospective gold project in Guyana. The option agreement is in line with our strategy of further growing our portfolio of attractive prospects, and it follows other similar agreements we have successfully made in the past.”