World Wide pursuing Chinese exploration targets

In an effort to expand its exploration activities, World Wide Minerals (TSE) has struck a preliminary agreement with privately owned Taishan Gold.

World Wide intends to buy Taishan from Toronto-based Targa International for 33.5 million World Wide treasury common shares. As a result, Targa’s holding will represent about 80% of the fully diluted common shares in World Wide.

Taishan has been pursuing several gold exploration and development projects in three Chinese provinces. (The company’s Chinese partners are branches of three state-owned mining agencies.)

Taishan is also negotiating for a joint venture involving an operating Chinese gold mine.

Should these negotiations succeed, Taishan would require additional financing for mine development and for improvements to its mill and tailings facility.