Acacia Mining satisfies conditions precedent for South Houndé earn-in

West Africa-focused gold explorer Sarama Resources on Monday reported that Acacia Mining (formerly African Barrick Gold) had satisfied the conditions precedent of an agreement that would see Acacia earn a 70% interest in the South Houndé project, in Burkina Faso. Under the terms of the agreement, Acacia could earn up to a 70% interest in the project by satisfying certain conditions. These included funding earn-in expenditures of up to $14-million over a four-year earn-in period and the right to acquire an additional 5% interest, for a total 75% interest in the project, after declaring a minimum mineral reserve of 1.6-million ounces of gold.