Panthera Resources plc announced it has negotiated an opportunity to acquire the Labola gold project in Burkina Faso, West Africa. Panthera has four months in which to undertake technical and legal due diligence on the project. Following this four month due diligence period exploration, resource definition and development will proceed for a period of up to 5 years assuming results justify the programmes and Panthera makes the necessary $50,000 annual payments to the vendors. Panthera has an option to purchase 100% of the vendor's interest at any time within the 5 year with the payment of $1.0 million to the vendor, at which time the annual payments will cease. An additional payment of $1.0 million will be paid to the vendor upon the successful definition of a JORC compliant resource of at least 1,000,000 ounces of gold. The vendor will retain a 1% net smelter royalty on all gold produced up to a total aggregate payment of $2.0 million.