SEXSMITH, AB –(Marketwired – March 09, 2017) – Angkor Gold (TSXV:ANK)) is pleased to announce the completion of an agreement with Mesco Gold Ltd. (“Mesco”) for the payment of Mesco’s final tranche of their USD $1.9 million obligation under a previous Agreement of Purchase and Sale for Mineral Rights to the Phum Syarung Prospect.
Under the previously reported Agreement of Purchase and Sale for Mineral Rights to the Phum Syarung Prospect agreement dated May 5, 2016, Mesco has already paid to Angkor USD $1.4 million, with a final payment of USD $500,000 due following the issuance of a mining license to Mesco. The initial mining license for the Phum Syarung Prospect was granted last year, and Mesco, under the new amendment to the original agreement will now pay to Angkor the $500,000 in instalments. The first payment of USD $50,000 will be made by Mesco on or before March 25th, with additional payments of USD $30,000 every three months until the USD $500,000 is retired or the earlier of an amended mining license being issued or Mesco begins to process ore at Phum Syarung.
There is no other change to the original agreement between Angkor and Mesco. Angkor retains a 2.0% to 7.5% sliding scale Net Smelter Return (NSR) on future production at Phum Syarung based on the price of gold.
ABOUT ANGKOR GOLD CORP.
Angkor Gold Corp. is a public company listed on the TSX Venture Exchange and is Cambodia’s premier mineral explorer with a significantly large land package and a first-mover advantage building strong relationships with all levels of government and stakeholders.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain of the statements made and information contained herein may constitute “forward-looking information.” In particular references to the private placement and future work programs or expectations on the quality or results of such work programs are subject to risks associated with operations on the property, exploration activity generally, equipment limitations and availability, as well as other risks that we may not be currently aware of. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.