Council for the Development of Cambodia gives Angkor Gold Approval for the Phum Syrung Gold Mine

GRANDE PRAIRIE, AB–(Marketwired – August 30, 2016) – Angkor Gold (TSXV:ANK) is pleased to announce that the Council for the Development of Cambodia (CDC) has granted approval for the certificate of registration on Mesco’s Phum Syrung mine. The council consists of all 26 Ministries in Cambodia and is chaired by the Prime Minister. As this process has been formalized and endorsed by the country’s leaders, the issuing of the full mining license shall now be completed by the Minister of Mines and Energy (MME).
H.E. Ly Thuch, Senior Minister, welcomed the good news and commented, “This represents a major step in developing the resources of Cambodia that will bring value to the entire country. Taxes and royalties from this mine will contribute to health care, education and poverty reduction.”
“A milestone in Cambodia, this first commercial underground mining license has undergone significant scrutiny and review as Ministries in the Kingdom of Cambodia strive to implement internationally-recognized best practices for a mining sector,” stated Mike Weeks, CEO of ANGKOR.
Week’s continued, “The timeframe from exploration and proving economic quantity through to licensing has been approximately five years which is remarkable given the 15-20 year averages experienced in many international mining jurisdictions. The development time here makes Mesco’s Phum Syarung mine a huge success by my estimation.”
“We look forward to a final approval of the mining license by the Minister of Mines and Energy,” stated John-Paul Dau, VP of Operations for ANGKOR. “Many international investors and sector participants have been eagerly awaiting these final steps towards building a viable and productive mining sector in Cambodia,” he concluded.
ANGKOR has also retained Trapeze Capital Corp. to provide market-making services in accordance with TSX Venture Exchange (“TSX-V”) policies. Under the terms of the agreement between the Corporation and Trapeze dated August 29, 2016 (the “Agreement”), Trapeze will receive compensation of $5,500 per month plus GST and will not receive any Common Shares or options of the Corporation as compensation. However, Trapeze and its clients may have or may acquire a direct interest in the securities of the Corporation. ANGKOR and Trapeze are unrelated and unaffiliated entities; Trapeze is a member of the Investment Industry Regulatory Organization of Canada, a participating organization of TSX and a member of TSX-V. The capital and securities required for any trade undertaken by Trapeze as principal will be provided by Trapeze. The Agreement is for a term of six months and will automatically renew for additional six month periods unless terminated by the Corporation.
Connect with Angkor Gold (TSXV:ANK) to receive an Investor Presentation.