gold-mining-exploration-projectEgypt ASEC is Egyptian mining company that focuses on mining exploration. ASEC Egypt has made a deal to buy 10 percent shares of the company that holds the GMA Resource gold mining operation rights Algeria. The acquisition, completed on Sunday for 1.9 million pounds ($ 3.10 million), aims to increase liquidity relative ASEC and continued expansion into North Africa. Therefore, Egypt will participate and manage the operation of gold mines in Algeria.

Gold mining operations plan covers 1425 square kilometers with a gold mine production of 18,000 ounces of gold in the first half of 2009.

The companies are still discussing the revenue sharing agreement and timetable for developing the mine, which lies near the border with Algeria, Mali to the southwest, Shafik said.

ASEC has extensive operations in the field of geology, mining and manufacturing in the Middle East and North Africa. It manages the gold mines and exploration projects in Sudan, Ethiopia and Libya.

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