Cambodian Government Issues First Commercial Mining License to Mesco Gold
GRANDE PRAIRIE, AB--(Marketwired - September 12, 2016) - Angkor Gold Corp. (TSX VENTURE: ANK) (OTC PINK: ANKOF) ("ANGKOR") 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.
ABOUT ANGKOR GOLD CORP.
ANGKOR's six exploration licenses in the Kingdom of Cambodia cover 1,352 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 and has flown low level aeromagnetic surveys over most of the ground. ANGKOR has drilled 21,855 metres of NQ core in 190 holes, and has collected in excess of 110,000 termite mound, '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. 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.
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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.
Contact
FOR FURTHER INFORMATION PLEASE CONTACT:
Angkor Gold Corp.
Stephen Burega
VP of Corporate Development
Telephone: (647) 515-3734
Email: sb@angkorgold.ca