• Highly prospective Golden Eagle tenements granted in Tanzania
• AngloGold Ashanti to earn 70% interest by spending US$9.0m over 5 years
• Project located in same structural corridor as 3.4 Moz Golden Pride gold mine

EcoGraf Limited (ASX: EGR) has announced that Prospecting Licences for the Golden Eagle Project have been granted by the Tanzanian Ministry of Minerals, allowing the commencement of the farm-in agreement with AngloGold Ashanti Holdings plc. The Golden Eagle Project comprises three granted Prospecting Licences totaling 575.23 km2, located on the eastern margin of the world-class +70 Moz gold Archean Lake Victoria Goldfields, in the same structural corridor as the historical 3.4 Moz Golden Pride gold mine. The project covers the direct interpreted northeast continuation of the Banded Iron Formation that hosts the high-grade Winston gold deposit, and several prospective untested and under-explored gold prospects. Under the farm-in agreement, AngloGold Ashanti has a 70% earn-in right by spending US$9.0m over five years on the licences, with EcoGraf retaining 30%. AngloGold Ashanti is one of the world's largest gold miners and owner of Tanzania's largest gold mine, Geita. The agreement provides a pathway for EcoGraf to realize value from its non-core mineral assets while focusing on the development of its Epanko graphite project and vertically integrated battery anode materials business.

EcoGraf looks forward to AngloGold Ashanti's expertise in gold exploration being applied to the Golden Eagle Project, as it explores for another Tier-1 gold deposit to complement its Geita operation.