Angkor Resources

Cambodia’s Premier Project Generator

This Angkor Resources Corp. profile is part of a paid investor education campaign.*


Angkor Resources Corp. (TSXV:ANK, OTC:ANKOF) is Cambodia’s premier Canadian mineral explorer and project generator with more than 30 prospects across five licenses covering a 983-square-kilometer land package, plus a recently granted oil and gas license for a 7,300-square-kilometer inland basin. Since 2009, Angkor Resources has been actively exploring its extensive holdings in Cambodia. Mapping and drilling completed to date show evidence of goldcoppersilvermolybdenum and other minerals across all five licenses.

Angkor Resources has entered into over 10 deals to date on its properties with a total value of over US$23 million. These have included several multi-year earn-in exploration funding agreements with major international companies, such as the Japan Oil, Gas and Metals National Corporation (JOGMEC), Emerald Resources NL (ASX:EMR) and Hommy 5 Resources Inc. The company also has a sliding scale two percent to 7.5 percent net smelter return (NSR) with Mesco Gold (Cambodia) Co. Ltd. on its Phum Syarung gold project, which is now permitted and has entered an advanced-stage of mining infrastructure construction.

In 2019, Angkor Resources announced it is pursuing opportunities to enter Cambodia’s growing oil and gas sector with sizeable oil and gas reserves to the west, north and south. The company has recently been granted a 7,300-square-kilometer oil and gas concession in southeastern Cambodia on a newly-discovered inland basin.

Angkor Resources Corp. Company Highlights

  • The only publicly-traded North American company that owns mineral assets in Cambodia.
  • Supportive government in an underexplored and emerging mining jurisdiction.
  • Over 10 years of experience in Cambodia making the company a preferred corporate partner.
  • Management team has a significant share position in company.
  • Advancing 30-plus prospects on licenses covering almost 1,000 square kilometers across five mineral licenses.
  • All licenses successfully renewed in 2017.
  • Aggressively pursuing new oil and gas licenses in Cambodia.
  • Exploration partners include Emerald Resources and Hommy 5 Resources.
  • Angkor Resources’ social development programs highlight the company’s ongoing commitment to ethical and responsible industry practices in Cambodia.
  • Low-cost, efficient exploration.
  • Regional-scale potential with ongoing exploration on several targets.
  • Pursuing opportunities in Cambodia’s emerging oil and gas sector with a recently granted oil and gas concession in southeastern Cambodia.

Mining in Cambodia

A founding member of the Cambodian Association for Mining and Exploration Companies (CAMEC), Angkor Resources is presently the only publicly-traded North American company with mineral assets in Cambodia. Angkor Resources’ management has built strong relationships with all levels of government, from village leaders to the Ministry of Mines and Energy.

“We have an exceptional relationship with the Ministry of Mines and with the government of Cambodia in general,” said Angkor Resources Executive Chairman Mike Weeks. “We are breaking new ground, literally and figuratively, and fortunately the Ministry of Mines is committed to getting it right and in a timely manner. Our experience working with the government in Cambodia has been great.”

Cambodia holds excellent geology and mineral potential, especially for gold, copper, silver and molybdenum. The nation remained largely underexplored, however, over the past decade, the Cambodian government has been keenly focused on building and improving its mineral industry. It brought in mining laws and regulations closely patterned on the Western-Australian model.

“The country has taken important steps forward, and made some significant achievements in the last 10 years to catch up with international standards,” said Weeks. “The banking system is strong, the licensing system is solid, a young willing workforce is present, and the geology is great.”

Cambodia is a stable parliamentary democracy. It is centrally located in Southeast Asia and is close to the markets of India, China, Korea and Japan. These prosperous neighbors have made huge investments in trade agreements with Cambodia.


The Cambodian Minister of Mines Visits Angkor Resources’ Field Office

Building relationships through corporate social responsibility

Angkor Resources is proud of its corporate social responsibility (CSR) initiatives. The company is committed to involving communities at the earliest stage of projects and addressing the needs of those communities. Some of Angkor Resources’ CSR projects include a community health center, containers of medical equipment, education programs, clean water projects, sanitation projects, dental clinics, capacity-building to empower communities and minorities and sustainable farming assistance.

“We’re extremely proud of our CSR. It’s our passion,” said Weeks. “More investors today have a social conscience and they want to invest in a company that’s doing right by the local people. They also want to know that a company will be welcome and well-regarded in the jurisdiction where it operates.”


Key Success: Angkor Resources’ Sales and Partners

Angkor Resources’ business strategy in Cambodia is based on project generation and building a royalty portfolio based on sales and agreements with successful international partners. In the past five years, Angkor Resources has announced over 10 successful transactions valued at over US$23 million, including:

  • US$3 million earn-in agreement with JOGMEC on Angkor Resources’ Oyadao South license.
  • US$2.2 million earn-in agreement with Emerald Resources on Angkor Resources’ Koan Nheak license.
  • US$3 million earn-in agreement with Hommy 5 Resources on Angkor Resources’ Banlung license.
  • US$1.8 million sale plus a two percent to 7.5 percent NSR with Mesco Gold on Angkor Resources’ former Phum Syarung property.

Angkor Resources’ Key Properties with Potential to Build Shareholder Value


Angkor Resources holds five exploration licenses in Cambodia that were all renewed in 2017:

  • Andong Meas (187 square kilometers)
  • Banlung (150 square kilometers)
  • Koan Nheak (189 square kilometers)
  • Oyadao (222 square kilometers)
  • Oyadao South – “Halo” (235 square kilometers)

Andong Meas License

The Andong Meas project is Angkor Resources most northern license with an area of 187 square kilometers which includes several prospects – Canada Wall prospect, Wild Boar prospect, Colonial mine prospect and South Creek prospect. Andong Meas has excellent high-grade gold showings as well as extensive artisanal gold workings. Assayed grab samples reported gold values ranging from 0.5 g/t gold to over 20 g/t gold. Angkor Resources has also identified two copper-molybdenum porphyry-style systems. Angkor Resources believes there is significant potential at Andong Meas and has had expressions of interest from several parties for these areas for further exploration, however, Angkor Resources is currently planning to further explore and develop Andong Meas for its own benefit.


Angkor Resources renewed the license for the Banlung project in 2017 for a period of three years, with an option to extend for an additional four years. In September 2018, Angkor Resources signed an earn-in agreement with Hommy 5 Resources. Under the terms of the agreement, Hommy 5 Resources is expected to invest US$3 million in exploration and development expenditures over a three-year period to acquire a 51 percent interest in the property. After completing the initial earn-in, Hommy 5 Resources can acquire an additional 29 percent interest by completing a feasibility study for the property.

Following programs of trenching and soil sampling, a 2017 drill program confirmed the existence of gold veins related to the faulting at Okalla West. The gold mineralization at Okalla West is associated with copper, tellurium and bismuth. The veins are hosted within an alkalic mafic to intermediate intrusive complex. The gold and copper in-soil anomaly extends 300 meters further north and at least two kilometres to the south.

In March 2018, Angkor Resources completed a metallurgical study on the property with a particular emphasis placed on the Okalla East prospect, which returned an intercept of one-meter grading 86 g/t gold in 2011. The metallurgical study determined that the Okalla East prospect hosts a high-sulfidation epithermal system that overlies a pre-existing copper-gold porphyry system.

In November 2018, Angkor Resources began a 3,250-meter structural drill program at the Okalla West prospect. The company also completed a mapping and sampling program on the property. Highlights from the program include 13.95 g/t gold and 62.90 g/t silver, 11.90 g/t gold and 6.90 g/t silver and 10.85 g/t gold and 6.90 g/t silver at Okalla East.

In June 2019, Angkor Resources and Hommy 5 Resources expanded the drill program at Banlung to 1,100 meters to cover several targets identified in the 2018 drill program. A 400-meter-wide by 1,200-meter-long corridor was discovered in last year’s program. The corridor remains open to the north and south and Angkor Resources has identified multiple gold mineralized structures along the corridor. The company hopes to determine the extent of the structures and their orientation in this year’s drill program.

Koan Nheak

In July 2017, Angkor Resources signed a US$2.2 million exploration funding agreement with Australian-based gold company, Emerald Resources, on Angkor Resources’ wholly-owned Koan Nheak project in northeastern Cambodia. Angkor Resources received approval from the Cambodian government to proceed with exploration on the project in September 2017.

The agreement terms include a total investment by Renaissance of US$2 million in exploration and development expenditures plus a US$200,000 cash payment to Angkor Resources by Renaissance over a two-year period for them to acquire a 51 percent interest in the project. Upon completion of the initial earn-in option, Renaissance has the right to acquire an additional 29 percent interest in the license with the commissioning, and completion, of a definitive feasibility study. After that, Angkor Resources expects to maintain a 20 percent participating interest in the property, or at Angkor Resources’ discretion, can convert to a 3.5 percent NSR on all metals.

Koan Nheak is approximately 50 kilometers north-east of Emerald’s wholly-owned Okvau gold project, in the north-east of the Mondulkiri Province. The Koan Nheak project area covers three prospects of interest: Peacock in the west, centered on a diorite intrusive which is surrounded by multiple stream sediment geochemical anomalies; East Ring in the east, centered on a very much smaller diorite with strong anomalous gold found in a stream sediment survey; and Straddle in the south, where two contiguous arsenic anomalies occur in the stream sediment survey. Numerous sulfide-rich quartz veins have been mapped within the license area, with field grab samples returning up to 33.2 g/t gold.

In 2018, a new in-soil gold anomaly was identified on the property that extends over 700 meters from the north to south and up to 300 meters east to west, returning values greater than 10 ppm gold. It is located less than a kilometer south of the Peacock South prospect.

Koan Nheak Project Geology Map

Oyadao South

The Oyadao South project is approximately 235 square kilometers in size. In March 2017, Angkor Resources received a three-year renewal of this license, which includes the Halo prospect.

The Oyadao South license is under a joint-exploration agreement with JOGMEC, which has committed a total investment of US$3 million in exploration expenditures by JOGMEC over a three-year period which began in March 2017.

The Halo copper-molybdenum porphyry prospect covers a nine-square-kilometer area hosting a 7.25-square-kilometer copper anomaly with a 0.9-square-kilometer molybdenum anomaly in the southeast portion of Angkor Resources’ Oyadao South license. Halo is located within a known corridor of mineralization which envelopes the company’s Dokyong, Otray Cassava, Phum Syarung North, Adrian and Han vein prospects, as well as the Mesco gold mine site.

Field exploration at Halo has also included electromagnetic (EM) and IP geophysics, short-wave infrared (SWIR) alteration studies and a rock chip geochemical survey. The SWIR alteration mapping, geology mapping and surface geochemistry highlight the strong mineralization potential at Halo.

In January 2018, Angkor Resources announced that JOGMEC had committed US$1 million for an exploration program which included 1,200 meters of drilling and IP geophysics as well as additional regional exploration and geological mapping. The drill program was primarily focused on following up results from the 2017 program and to test newly-identified targets.

Phum Syarung NSR

In 2013, Angkor Resources sold a 12-square kilometer portion of its Oyadao South exploration licence, known as Phum Syarung, to Indian exploration and development company Mesco Gold for US$1.8 million. Angkor Resources retained a free-carry sliding scale NSR of two percent to 7.5 percent of the value of all gold produced, and a flat 7.5 percent NSR on all other metals. A mining license was issued to Mesco by the Cambodian Ministry of Mines in September 2016.

Mesco is proceeding rapidly with the building of the mine infrastructure at Phum Sayrung. Recent site visits by Angkor Resources saw the advanced construction of two underground inclines, a vertical shaft, assay laboratory and other ancillary surface facilities by Mesco. Underground sampling by Angkor Resources at the Mesco’s Phum Syarung mine site during a 2018 visit yielded a 40.2 g/t gold grab sample. As indicated in a technical report published by Angkor Resources in May 2017, the company cannot comment on any future economics relating to the Phum Syarung NSR as the data available publicly and from Mesco is not NI 43-101 compliant.


Cambodia’s Oil and Gas Opportunities

In addition to its mineral licenses, Angkor Resources is pursuing oil and gas opportunities as well. Sizeable oil and gas reserves have been developed on three sides of Cambodia – in the Gulf of Thailand to the west, the Khorat Plateau of Thailand to the north, and in the Vietnamese Cuu Long basin of the South China Sea to the south.

“The sedimentary basins inland in Cambodia have never been systematically explored,” said Weeks, “partially because of previous historical regional instability and a poor understanding of local geology as it relates to hydrocarbons. We see the potential for petroleum accumulations in Cambodia indicated by onshore natural oil seepages, the presence of sedimentary rocks and geological structures that may trap and hold oil and gas, and the similarity of geology of areas adjacent to Cambodia where oil and gas has been found and is already being produced.”

Angkor Resources Executive Chairman Mike Weeks has extensive experience in the oil and gas industry.

Cambodia’s oil and gas industry is not well developed at this point when compared to its neighbors, however, the interest in the sector is rapidly moving the industry forward. For example, Kris Energy Ltd. has announced that it intends to bring its offshore oil platform online in 2019. A $1.6 billion refining facility is also planned to be built in southwestern Cambodia by a Cambodia-Chinese investment group.

Block VIII Oil and Gas Concessions

In August 2019, Angkor Resources received approval from the Royal Government of Cambodia on its application for a 7,300-square-kilometer oil and gas concession. The Block VIII concession is located in Kampong-Som basin, a recently recognized and underexplored onshore sedimentary basin in southeastern Cambodia. The Kampong-Som basin has some of the characteristics of other oil-bearing foreland basins. The company is working with oil and gas exploration expert Dr. Lorne Rosenthal as it advances the project.


Angkor Resources’ Management Team

Stephen Burega – CEO

Mr. Burega has spent over 10 years intimately involved in the launch and management of a number of natural resource companies.   Previous to that he worked in the fields of finance, communications, and government relations for 12 years. He brings experience spanning both national and international projects, private and public sectors.  Mr. Burega has also held senior management roles for a variety of both publicly traded and private natural resource companies, and has been active on a number of boards for both profit and not-for-profit organizations. He previously served as Angkor’s VP Corporate Development.

John-Paul Dau – President

Mr. Dau, based in Phnom Penh, Cambodia, brings 10 years of experience managing various projects in the land development business and 5 years of working in the venture capital business working with private and publicly traded companies. He is a co-founder of Innova Capital, a Calgary-based venture capital firm that specializes in raising international money for development projects. Mr. Dau’s specialties are project management, financing and development. Mr. Dau is one of the founders of Prairie Pacific Mining Corp and lives in Phnom Penh, Cambodia.

Dennis Ouellette, B.Sc., P.Geo. – VP Exploration

Mr. Ouellette is a member of The Association of Professional Engineers and Geoscientists of Alberta (APEGA # 104257) and is Angkor’s Qualified Person as defined by National Instrument 43-101 (“NI 43-101”). He has recently worked as a consulting geologist designing and managing exploration programs in Alberta, Yukon and British Columbia and assisting in the execution of exploration programs in the USA and Guatemala. During his career Dennis worked in a variety of roles, including VP for Northern Tiger which merged with Golden Predator which is now exploring the 3 Aces project in the Yukon, and senior Exploration Geologist, Project Geologist and Field Assistant for companies such as United Keno Hill Mines (Yukon), Falconbridge (Newfoundland) and Goldquest Exploration (Goldcorp – Red Lake, Ontario). From 1999 to 2002 Mr. Ouellette also worked at the Cabinet and Caucus Offices for the Yukon Government, providing executive assistance and advice to the Ministers of several departments, and in the 1990s as a Staff Geologist in the Department of Indian and Northern Affairs Canada, Yukon Region. From 1994 to 1996 Dennis served as the Manager of the Yukon Chamber of Mines.

Stephen Lautens, BA, JD – VP Corporate Affairs and General Counsel

Mr. Lautens has a wide range of experience in communications, investor relations and business development as part of executive management teams of both private and public companies. He was VP Corporate Communications of Inter-Citic Minerals Inc., a TSX-listed gold exploration company with a large project in western China, before it was sold in a friendly takeover to a major Chinese mining company in 2012. Prior to that, Mr. Lautens was Executive VP of a company developing a technology project in China. He also served as VP Business Development of The Workflow Automation Corporation, a private Canadian software company sold to BEA Systems Inc. (now Oracle). Mr. Lautens is a lawyer and had his own law practice in Toronto for ten years. He wrote a weekly column for major newspapers for almost 20 years and is a recipient of the Queen Elizabeth II Diamond Jubilee Medal for significant service to Canada. He is a Governor of the National Newspaper Awards and has served as president of a number of not-for-profit organizations.

Viktoriya Griffin, CPA, CA – CFO

Viktoriya Griffin, CPA, CA, is dedicated and knowledgeable Chartered Accountant who has over a decade of experience in her field. She started her career by leading audit and assurance services for public companies with large international accounting firms, including Deloitte in the UK and E&Y in Canada. Most recently, she led the CFO services line at Clearline CPA. Viktoriya is the CFO for several public companies on the TSX Venture Exchange with national and international operations. She is also an active supporter of her community by being a Board member and the Chair of the Audit and Finance Committee of Habitat for Humanity of Greater Vancouver.

Delayne Weeks – Social Development Consultant

Delayne Weeks has over 20 years of experience participating in international community development projects. She has acted as the Community Development Coordinator on projects over the world including Africa, South America, Canada and Cambodia. Delayne focuses on implementing long-lasting projects that are sustainable by promoting community ownership of all projects. She has a degree in Business Education, a diploma (honors) in Horticulture, and has also owned and operated several private companies in financial services, equipment leasing, landscape architecture, and petroleum services. She consulted for several years to provide Economic Development and Small Business Training to entrepreneurs.

Mike Weeks — Executive Chairman 

Mr. Weeks was a founder of Angkor Resources Corp. and previously served as its president and CEO. Mr. Weeks has 25 years of experience in project management of power generation and petroleum-related industries. Mike spent over 14 years negotiating with foreign governments in developing and implementing natural resource concessions. During that time, Mike was instrumental in implementation of training programs for local labour force development, professional accreditation, and made significant strides in self-sustaining community growth and enhancement in developing countries. He has an engineering background and holds a First-Class Power Engineering Certificate. Mike has managed large projects in Canada, Africa and Europe, constructing and managing several large production facilities in North Africa. Mike was, and continues as a founding director of a petroleum training company as well as two financial service companies.

Ken Booth, B.Sc. MBA – Independent Director

Ken Booth has more than 30 years of experience in exploration, mining and corporate finance and public company administration. In mining corporate finance, he has worked for two of Canada’s largest investment banks executing numerous equity financings for both junior and senior companies and was involved in a variety of significant mergers and acquisitions.

Rhonda Hewko, B.A.Sc., P.Eng. – Independent Director

Mrs. Hewko has over 17 years of experience in the environmental consulting and chemical manufacturing fields. She is licensed both in British Columbia through APEGBC and Alberta through APEGA. Mrs. Hewko has conducted and managed several hundred Phase 1 and 2 commercial environmental impact studies. In addition to extensive experience in ground water, soil and waste water monitoring programs.

Terry Mereniuk – Independent Director 

Mr. Mereniuk has been a Director and CFO of several public and private companies. He has owned and operated his own accounting firm for nine years. He obtained a Bachelor of Commerce (with distinction) from the University of Alberta in April 1981. He is a Certified Management Consultant since June 1988 and a Chartered Accountant since December 1983. Terry was director and CFO of Wescorp Energy Inc., an OTC Bulletin Board listed company from 2003 to 2009.

Jiancheng Peng – Independent Director

Mr. Peng is the President of Tohui Beishan Property Group Holding Limited. He received his engineering degree from Southwest Jiaotong University and has spent 20 years in enterprise management and business operations for Chinese state-owned companies. He founded and chairs Tonghui Investment Management Corp. and the Tonghui Group of companies, specializing in the financial, industrial and service sectors.

Gary T. Smith, CPA, CA – Independent Director 

Mr. Smith’s management background extends over 25 years with diverse operations and organizations, including York University and PriceWaterhouse Coopers. He is a Chartered Professional Accountant and has over 15 years of experience in the accounting field. Grant has served as the CFO or director for several public companies on the TSX Venture Exchange with operations in Canada, the US and Mexico. Mr. Smith also has extensive experience serving private companies in various industries as well as not-for-profit organizations. He is very active in his community, supporting both the arts and social services by serving on various Boards, including his role as the treasurer of The Lookout Housing Health Society and Honour House. Grant has recently founded, a new organization to support financial excellence in not-for-profit enterprises. He holds a BFA (1984) from York University and received his designation as a CA in 2005.

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