According to SEC filings in the US dated 17 April 2015 (page 15) Panex Resources Inc on the April 6, 2015
"entered into a subscription agreement with NSS Resources Inc, a Canadian listed company for approximately CAD$950,000. On April 8, 2015 the Company sold the remaining Burey Gold Ltd shares for AUD$0.03 net price."
http://panexresources.com/wp-content/uploads/2015/04/PANEX_FEB2015.pdf
NSS Resources Inc is a Canadian company which in Dec 2014 was approved for listing on the Canadian Stock Exchange (CSE).
Klaus Eckhof is listed as a director of NSS Resources Inc on the company's website.
http://www.nssresources.net/content/management
Mr Eckhof was the CEO of Panex Resources Inc up until the acquisition of the Giro Gold Project in Dec 2013. On the acquisition of the project by Panex, Mr Eckhof stepped down as CEO and took a position as a non-executive director in the company.
Mr Eckhof resigned as a non-executive director of Panex Resources when Panex sold its interest in the Giro Gold Project to Burey Gold in August 2014.
http://panexresources.com/burey-sha...reement-amani-consulting-sprl-burey-gold-ltd/
Mr Eckhof has been a director of Burey Gold since Feb 2012
http://www.asx.com.au/asxpdf/20120206/pdf/4246932hr1ygpp.pdf
It is clear from the above that Mr Eckhof is not letting go of this project and is determined to get this project off the ground.
For anyone who is not aware Mr Eckhof founded Moto Goldmines which acquired the Moto Gold Project in the Democratic Republic of the Congo. Mr Eckhof and his team delineated more than 20 million ounces of gold at Kibali and delivered a feasibility study within four years from the commencement of exploration. Moto Goldmines was subsequently acquired by Randgold Resources for ~US$488 million (NASD: GOLD) (LSE: RRS) who poured first gold in September 2013.
http://www.marketwired.com/press-re...n-with-Moto-Goldmines-NASDAQ-GOLD-1216479.htm
http://www.randgoldresources.com/sites/randgoldresources/files/Site visit ... Kibali Gold Mine - January 2014.pdf
With Mr Eckhof we couldn't be in any better hands IMHO.
For those that are unfamiliar with the Giro gold project I've pasted the tenement map (below) from Burey's website which shows the tenement positions in relation to the Randgold Resources Kibali Gold project. The tenements neighbouring us to the east and shade in red are known as the Moku-Beverendi gold exploration project. In February of this year Bloomberg reported that Randgold Resources had approached billionaire Dan Gertler to buy a majority stake in Moku-Beverendi. The answer was reported as follows.
“We have no current plans to sell Moku,” Dutch-registered Fleurette said in an e-mailed statement on Wednesday. “This is an outstanding asset with real potential, into which we have already invested over $40 million.”
I can't wait to see what future exploration brings at Giro. Sorry if some of this is not new to longer term holders but being new to the stock I just wanted to get my head around why Panex Resources sold Giro. It's all clear to me now. Panex wasn't the right vehicle.
Eshmun
