Shanta agrees to buy Canadian junior Helio; nearly doubles Tanzania resource base

East Africa-focused gold miner Shanta Gold on Tuesday agreed to buy TSX-V-listed explorer Helio Resources in an all-scrip deal valued at about £3.5-million. The acquisition will give Shanta control of Helio’s assets located immediately next to its flagship New Luika gold mine (NLGM), which includes a 635 000 oz resource at the Saza-Makongolosi exploration project.