Kilimanjaro Capital, a "new breed" natural resource company based in Belize, is looking to acquire an interest in Tanzanian gold assets controlled by Sika Resources Inc., a Canadian company.
In a press release issued Friday morning, Kilimanjaro Capital announced an agreement in principle had been made with Sika Resources "to acquire an interest in world class gold assets in Tanzania."
Tanzania is the third largest gold producer in Africa, is investor friendly, and politically stable, due to its progressive, western-oriented political system.
Although Tanzania is already the third largest gold producing country in Africa, many regions are yet to be explored. According to the press release, the Sika Resources properties that interest Kilimanjaro Capital lie within the Lake Victoria Goldfields, an area mined by a number of resources companies with an estimated 60 million ounces of gold in reserves.
The properties controlled by Sika Resources contain Archean greenstone rocks that have "numerous northeast-southwest and northwest-southeast trending fault/shear zones," according to the resources page on Sika's website. These fault zones are similar to other known gold deposits across the Lake Victoria region.