Glencar Mining has found a buyer for its Wassa gold prospect in Ghana which it said last March it wished to dispose of as a going concern Through a subsidiary, Glencar has signed a letter with Golden Star Resources purchase by Golden Star of certain of the assets and business.

In March of this year, Glencar agreed with its bankers that, in the light of gold recovery problems at Wassa together with the prevailing gold market environment, the Wassa Gold Mine would be offered for sale as a going concern.

The sale is seen by analysts as relieving Glencar of part of its debt burden.

A company statement said that Golden Star has indicated that, following completion of a feasibility study, it intends to finance the construction of a Carbon-in-Leach (CIL) processing plant on site in place of the existing heap leach operation.