Prestea Sankofa Gold Limited was incorporated in 1994 with a United Kingdom based Company name Samax Limited owning 50.4 percent, Ghana National Petroleum Corporation (GNPC) owning 39.6 percent and the Government of Ghana with the remaining 10.0percent.  Samax Limited, which traded on the Canadian stock exchange, was taken over by Ashanti Goldfields Company (AGC) in September 1998.  AGC had little interest in the Prestea project because it did not fit into her corporate portfolio released the 50.4 percent share it owned to GNPC, with the Government of Ghana approval in November 2000. 

The Company is now essentially a Ghanaian gold mining company extracting gold mainly from old tailings and waste ore dumped as a result of 100 years mining activity in the Prestea Gold belt.