Wafa Mining & Petroleum SA entered into a letter of intent to acquire 10% stake in Tijirit Mining Permit and Gold Development Project from Algold Resources Ltd. (TSXV:ALG) on July 13, 2018. Wafa will acquire a 10% interest in Tijirit mining permit and gold development project as well as a subscription by Wafa for approximately 8.8 million common shares of Algold at a price of CAD 0.10 per Share, for a total amount of $4.2 million in cash. Wafa Mining & Petroleum SA completed the acquisition of 10% stake in Tijirit Mining Permit and Gold Development Project from Algold Resources Ltd. (TSXV:ALG) on October 9, 2018. Wafa has paid to Algold an amount of $1.4 million balance payable in four equal monthly tranches. The 10% interest in Tirex acquired by way of the Investment is transferrable to Wafa upon receipt of the final payment. The Investment and the Subscription remain to the approval of both the Government of Mauritania and the TSXV.