Angkor Announces Geophysics Partnership with China's Betec Ltd. For 2015-16 Season in Cambodia
GRANDE PRAIRIE, ALBERTA / TheNewswire / August 12, 2015 - Angkor Gold Corp. (TSXV: ANK) ("ANGKOR") announced today that it has entered into a strategic partnership with Beijing Explo-Tech Engineering Co. (BETEC) Ltd. of China to further ANGKOR's geophysical survey programs in Cambodia.
The agreement between the two companies follows a consulting agreement for work completed during the 2014/15 work season that saw BETEC's 21-person team of geologists and geophysicists working to extend the induced polarization (IP) and geological field reconnaissance work. The result of their work has been instrumental as ANGKOR moves two flagship prospects, HALO and CW, to a level of international interest.
Zhuangwei Luo, Chairman of BETEC, said, "We see significant potential in ANKGOR's group of assets in Cambodia, and we have been very pleased with our working relationship with the Angkor team. It is my hope that today's announcement bolsters both our companies as we invest into one another's future operations."
The partnership agreement consists of a mixed compensation package for work performed by BETEC. Payment to BETEC takes the form of an equal split between equity in ANGKOR's Canadian parent company, and fees-for-service. This will add to BETEC's existing equity in ANGKOR which they have held since June 2014.
The initial work program value will be $575,000 CDN split equally between shares and dollars, this may be extended with follow-up programs like drilling; contingent upon the preliminary work. Work will begin at the start of the 2015 dry season in November as the weather permits. BETEC will provide geological mapping, IP gradient array survey, gravity survey and analysis support across a number of ANKGOR's prospects.
"BETEC is committed to working with ANGKOR not solely as a client, but as a business partner. Our plans for Cambodia are evolving, and we have agreed to a combination of fees and equity to leverage BETEC's technology and expertise," said Qinghong Han, lead geologist for BETEC. He continued, "I believe that there are very few geologists who have had the opportunity to work on such targets as HALO and CW. I am extremely pleased with BETEC's commitment to ensure this work is done as quickly and professionally as possible."
Mike Weeks, president of ANGKOR, said, "ANGKOR has worked closely with BETEC as a primary supplier of geophysical and geological reconnaissance, and we have been extremely impressed with BETEC's team of geologists working in Cambodia." He continued, "We now move to establish a collective partnership to bring these assets forward to the international marketplace. We take the strengths of each and put them to work. This builds value and results in advancement of significant projects like Halo and CW, all in record time. Also, BETEC has been instrumental in assisting to open new doors for future joint-ventures with large scale Chinese mining interests."
The QP for this release, which he reviewed and approved, is Dr. Adrian G. Mann, P.Geol., VP Exploration for ANGKOR. He is a graduate of London University and of the University of the Witwatersrand, with 50 years world-wide experience in mineral exploration and mining geology.
ANGKOR's seven exploration licences in the Kingdom of Cambodia cover 1,448 km2, which the company has been actively exploring over the past 6 years. The company has now covered all tenements with stream sediment geochemical sampling; the company has flown low level aeromagnetic surveys over most of the ground; drilled 21,855 metres of NQ core in 190 holes; and has collected in excess of 110,000 termite mound, and 'B' and 'C' zone soil samples in over 20 centres of interest over a combined area of over 140km2, in addition to numerous trenches and detailed geological field mapping. Exploration on all tenements is ongoing.
Angkor Gold Corp.., a public company listed on the TSX-Venture Exchange, is Cambodia's sole North American public gold explorer with a large land package and first-mover advantage. ANGKOR has longstanding relationships with all levels of Government (local to national).
FOR FURTHER INFORMATION PLEASE CONTACT:
Mike Weeks, President
Telephone: (780) 568-3801
Email: mw@angkorgold.ca
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