Guinea-Bissau

In April 2010, Sillenger entered into a Memorandum of Understanding with a minister of the government of Guinea-Bissau to engage in potential business opportunities in Guinea-Bissau, including an airborne geophysical survey to indentify potential resource deposits.

Guinea-Bissau Memorandum of Understanding

Guinea-Bissau Memorandum of Understanding

Sillenger invited a delegation of Government ministers to Canada in August 2010, and introduced the delegation to the Canadian Ministry of Foreign Affairs and Fugro Airborne Surveys in Ottawa. The delegation also attended a presentation by the Ontario Ministry of Mines and Forests to gain a better understanding of the issues a government must deal with. The Ministry offered their help to the Guinea-Bissau government if, as, and when they are ready to start the process of establishing a resource industry in Guinea-Bissau. This gave the ministers a clearer understanding of the many factors they must be aware of, and the policies they would have to consider to attract foreign investors to consider their country for investment.

Guinea-Bissau Delegation Visit to Canada – August 2010

Sillenger made a formal presentation to the delegation in Toronto. A Minutes of Meeting indicated that the delegation would recommend the government commence negotiations for the survey contract for Guinea-Bissau.

In October 2010, meetings were held in Guinea-Bissau with the President and the National Assembly as well as many other government departments. The Government agreed to pursue contract negotiations, but a contract has not yet been finalized.

As of April 2011, Sillenger has effectively assigned its rights for Guinea-Bissau to Brilliant Mining as part of the financing arrangement on the Equatorial Guinea contract. Sillenger has agreed to refrain from any mining or hydrocarbon related initiatives in Guinea-Bissau for a period of one year.