Shanta Gold sees success in Tanzania

published 5 September 2012

Shanta Gold, the East Africa-focused gold mining company, has revealed 'encouraging' results from a joint venture in Tanzania.

The company entered into a JV agreement with Great Basin Gold in 2011, enabling Shanta crews to conduct exploration over a large permit holding in the Lupa Goldfields, the second largest goldfields in Tanzania.

Shanta, which would earn up to 80% of identified resources, says it has found nine mineralised prospect areas and decent "gold values" up to 50 grams per tonne.