Australia based mining company, Canyon Resources, has hurled $5 million from investors to continue its bauxite exploitation in the central part of Cameroon.
Thanking investors for the funds, the Managing Director, Philip Gallagher said, “The investors have the capacity to support the company as we advance the Minim Martap Bauxite Project in Cameroon”. “The resource, more than half a billion tonnes of high-grade, low contaminant bauxite, is significant compared to other bauxite deposits globally” he added.
The Government of Cameroon granted 2 exploration permits to Canyon Resources Ltd early this month, comprising the Ngaoundal and the Minim Martap Projects, all in the Adamawa region of Cameroon.
According to Provactive Investors, “The permits are valid for three years and contain several pre-defined work commitments consistent with Canyon’s development proposal”.
Canyon Resources Limited explores gold and bauxite properties in West Africa. The company’s mineral exploration projects in Burkina Faso cover an area of approximately 3, 000, 000 square kilometers include the Taparko North project, the Tao project, the Pinarello project, and the Derosa project.
The company was formerly known as Castlemaine Resources Limited and changed its name to Canyon Resources Limited in March 2010. Canyon Resources Limited was incorporated in 2009 and is based in Perth, Australia, according to Bloomberg.