Gold Potential

The Right Kind of SettingLiberia is surrounded by a horseshoe of countries with some of the richest gold mines in the world.


The Right Kind of RocksLiberia has two of the richest gold-bearing rock types in the world, Birimian and Archæan.


The Right Kind of OpportunityLiberia holds great mineralogical potential much of which has never been systematically explored.


The Right Kind of CommodityLiberty is the largest holder of mineral exploration territory in Liberia with 18 gold exploration projects well underway and high potential for the discovery of significant and/or world class gold deposits.

1. Liberia’s Archæan Gold Potential

Archæan terrains around the world have yielded a number of world class discoveries. Today over 40 million ounces of mineable gold are being developed by a range of companies. Outside Africa, the Archæan terrains of Canada, Australia and Venezuela have been particularly prolific in terms of gold deposits, often with grades of over 8.5 grams of gold per tonne or higher. Most of these Archæan gold deposits and districts have had the benefit of a long history of exploration and development during which additional deposits and ore shoots are steadily found as the geological controls on mineralization become better understood.

The potential for exploration in Liberia is only just beginning.

Summary of the Largest Archæan Gold Deposits



Tonnes (t)

Grade (g/t)

Contained Gold (oz)

Kalgoorlie (Golden Mile etc)

Western Australia





Ontario, Canada









Kirkland Lake

Ontario, Canada





Red Lake Ontario, Canada





Ontario, Canada















Quebec, Canada




Malalartic-East Malartic-Canadian

Quebec, Canada





Ontario, Canada




Big Bell

Western Australia




Paddy's Flat (Meekatharra)

Western Australia




(Source: IBK Capital Corporation - Profile of Liberty International Mineral Corp)

2. Major Gold Mines in West Africa

Morila Project, Mali

The Morila Project (“Morila”) was discovered, financed and developed by Randgold Resources Limited (“Randgold”). In July 2000, AngloGold Ashanti Limited (“AngloGold Ashanti”) purchased half of Randgold’s stake in the project, with Randgold holding a 40% interest and the Malian Government the remaining 20%. AngloGold Ashanti operates the Morila Project, while the Morila Mine is managed through a joint venture between AngloGold Ashanti and Randgold. The Morila Mine was commissioned in October 2000 and by the end of 2006 had produced 4.1 million ounces of gold. For the year ended December 2007, Morila produced a total of 449,000 ounces of gold at a total cash cost of US$332 per ounce. The treatment life of Morila is currently planned to continue until 2012.

Sadiola Hill Mine, Mali

The Sadiola Hill Mine (“Sadiola”) (AngloGold Ashanti-38%; IAMGold Corporation (“IAMGold”) -38%; Mali Government-18%; International Finance Corporation -6%) is situated in the geologically favourable Kenieba/Kedegou window within greenschist facies metamorphosed Birimian rocks, where the Mali-Senegal shear zone is host to the deposit. Total gold production at Sadiola was 369,000 ounces of gold in 2007 at total cash costs of US$414 per ounce. The ore body is being mined using open-pit methods, with ore processing occurring at a 435,000 tonne per month plant that incorporates primary crushing, variable speed grinding mills, cyclone classification and dewatering. Total resources at Sadiola at year end 2007 were 25.1 million tonnes grading 2.4 grams of gold per tonne (1.9 million ounces).

Yatela Gold Mine, Mali

Located approximately 25 kilometres to the north of Sadiola, is the Yatela Gold mine (AngloGold Ashanti-40%, IAMGold-40% and Mali Government-20%) which began production in mid 2001. Total gold production for 2007 at Yatela was 301,000 ounces of gold at a cash cost of US$322 per ounce. Mineralization is found in a keel-shaped body in Birimian metacarbonates. Total resources at Yatela at year-end 2007 were 4.2 million tonnes grading 2.49 grams of gold per tonne (337,000 ounces).

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3. Companies Active in the Region

AngloGold Ashanti

AngloGold Ashanti holds an 85% interest in the Siguiri mine in Guinea. In 2006, the mine produced a total of 301,000 ounces of gold grading 1.08 grams of gold per tonne.

AngloGold Ashanti has two operations in Ghana, Obuasi and Iduapriem. In 2006, Obuasi produced a total of 387,000 ounces of gold grading 4.39 grams of gold per tonne and Iduapriem produced a total of 196,000 ounces of gold grading 1.74 grams of gold per tonne. The Obuasi deposits occur along a zone of intense shearing and faulting within Precambrian greenstones. Mineralization comprises two main types: quartz veins containing high-grade free gold and the main sulphide ore in which narrow veins contain gold trapped within arsenopyrite. The total gold production from the Obuasi deposit since operations began in 1907 is over 30 million ounces of gold, and as of 2006 it had another 29 million ounces of gold resources (total of 59 million ounces of gold).

Resolute Mining Ltd.

Resolute Mining Ltd. holds an 80% interest in the Syama gold project in Mali. Syama has proven and probable reserves of 14.8 million tonnes grading 3.6 grams of gold per tonne for 1.725 million ounces of gold.

Golden Star Resources Ltd.

Golden Star Resources Ltd. holds a 90% interest in the Bogoso/Prestea gold mine in Ghana. To date, approximately 11.0 million ounces of gold has been mined from the Bogoso and Prestea properties. Bogoso/Prestea has reserves of 34.9 million tonnes with an average grade of 2.77 grams of gold per tonne.

Randgold Resources Limited

Randgold’s Loulo Project in Mali produced 264,000 ounces of gold at a total cash cost of US$372 per ounce for the year ended December 2007. In 2007, Loulo's total resource base rose to 11.94 million ounces and proven and probable reserves to 7.4 million ounces.

Newmont Mining Corporation

Newmont Mining Corp’s (“Newmont”) Ahafo Mine in Ghana poured its first gold bar in 2006. The Ahafo Mine contains 9.7 million ounces of gold reserves (as of December 2007) and produced 456,000 ounces of gold in 2007 at a cash cost of $396 per ounce. Newmont is also developing the large Akyem deposit in eastern Ghana (7.7 million ounces of gold reserves) where it expects to produce 500,000 ounces of gold annually once in production.

(Source: IBK Capital Corporation - Profile of Liberty International Mineral Corp)

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