GRANDE PRAIRIE, AB–(Marketwired – September 12, 2016) – Angkor Gold (TSXV:ANK) is pleased to announce that Cambodia’s Ministry of Mines and Energy has approved and issued a mining license on 12Km2 for Mesco Gold’s (“MESCO”) Phum Syarung mine.
GRANDE PRAIRIE, AB–(Marketwired – September 12, 2016) – Angkor Gold (TSXV:ANK)is pleased to announce that Cambodia’s Ministry of Mines and Energy has approved and issued a mining license on 12Km2 for Mesco Gold’s (“MESCO”) Phum Syarung mine.
This landmark approval represents the first industrial mining license (IML) for gold and associated metals under the new regulatory framework established by the Royal Government of Cambodia, and the final step for MESCO to bring their Phum Syarung Gold Mine into production.
Mr. JK Singh, Chairman of Mesco Group that owns Mesco Gold, has said, “With the grant of the first fully approved mining license in Cambodia to Mesco Gold, a new stage in the evolution of the mining industry in the country has begun, which so far was limited to exploration only.”
“We are very excited and proud of this final approval for MESCO,” stated Mike Weeks, CEO and Chairman of ANGKOR. He continued, “This is a new era for Cambodia, and sets the stage to further the development of a world-class mining sector.”
ANGKOR retains a sliding scale 2.0% to 7.5% net smelter return (“NSR”) on the project.
“This is a very important transaction for Cambodia,” stated JP Dau, VP of Operations. He continued, “We are now working with our partners JOGMEC and Blue River towards building a better understanding of our joint-venture projects with an end-goal of securing future income streams for the company.”
The QP for this release, which he wrote and approved, is Kurtis Dunstone, BSc Geology, Exploration, Senior Project Manager for ANGKOR. Mr. Dunstone has over fifteen years of post-graduate global exploration and mining experience across Australia, Canada, Papua New Guinea and Cambodia. His expertise includes precious, base metals and uranium exploration in multiple mineralization systems encompassing, granite-greenstone, orogenic, porphyry and unconformity systems, with discoveries in gold, nickel and uranium; Mr. Dunstone is a current member of the Australian Institute of Geoscientists.
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