(via TheNewswire)
HIGHLIGHTS
The Properties under the JEDA, signed
Nov. 3, 2023 , include the Oyadao North license and the Andong Meas license and all mineral claims on prospects of the two licenses, both located inRatanakiri Province .ANGKOR will receive an upfront, non-refundable
US$150,000 payment.Almighty shall contribute 100% of the costs through exploration, feasibility, production permit application, mine construction, and production to earn an 80% interest in the Properties.
Almighty commits to spending
$4 million USD over 48 months on the Properties, through exploration, development, and production activities.ANGKOR shall maintain a 20% carried interest in the Projects and has the option to convert the interest to a five percent (5%)
Net Smelter Royalty (“NSR”) after the issuance of a mining production permit.ANGKOR shall be the Operator and shall collaborate with Almighty to combine best technical expertise, expediting work programs, and pursuing feasibility studies and production permits on multiple prospects across the two licenses.
Almighty is a mining and development company with multiple mining projects in
Shakti continues, “This blends well with our mission to develop and empower communities through sustainable means. There are great synergies here, ANGKOR and
Today’s announcement follows a previous release of surface data on the Wild Boar prospect whereANGKOR disclosed the discovery of a 2 km2gold anomaly with grab and float sample grades from 3.08 – 70.7 grams per ton in the anomaly area from earlier exploration conducted. Concurrently, directly north of the Phum Syarung mine site, the teams will drill to identify extensions of the veins of the mine site, which run open to the north into Oyadao North license and open at depth.
“We are very pleased to be working with Almighty to accelerate the development of both licenses. We anticipate drilling the Wild Boar gold prospect on the Andong Meas license and concurrently be drilling the Phum Syarung North gold prospect on the Oyadao North license,” said
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Representatives from ANGKOR and Almighty met in
QUALIFIED PERSON:
ABOUT ANGKOR RESOURCES CORPORATION:
CONTACT:
Email:info@angkorresources.comWebsite:angkorresources.comTelephone:+1 (780) 831-8722
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Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to the potential for gold and/or other minerals at any of the Company’s properties, the prospective nature of any claims comprisingthe Company’s property interests, the impact of general economic conditions, industry conditions, dependence upon regulatory approvals, uncertainty of sample results, timing and results of future exploration, and the availability of financing. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
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