Angkor Resources Signs Joint Exploration and Development Agreement on its Andong Meas License

2024-07-17 / @thenewswire

(TheNewswire)

GRANDE PRAIRIE, ALBERTA – TheNewswire - July 17, 2024 - ANGKOR RESOURCES CORP. (TSXV: ANK) (“ANGKOR”) announces that it has entered into a Joint Exploration and Development Agreement (“JEDA”) with BSN Ratanak Sambath Co. Ltd. (“BSN”) to advance exploration to a feasibility study and application for gold and copper production permits on its Andong Meas mineral license.

HIGHLIGHTS

The Property under the JEDA, signed July 9, 2024 includes the 118 square kilometre Andong Meas license and all mineral claims on prospects of the license, located in Ratanakiri Province.
ANGKOR will receive $250,000 as $50,000 USD for signing bonus plus 12 monthly payments starting in August 2024 of $16,667 USD to total $200,000 over 12 months.
BSN shall contribute 100% of the costs of exploration including a monthly base fee of $15,138 for ANGKOR’s personnel, infrastructure, accommodation, vehicles, and logistics activities through exploration.
BSN will earn an 80% interest in the license with its activities and expenditures through the exploration phase when the prospects have a bank feasibility study started. ANGKOR shall maintain a 20% carried interest to feasibility stage and has the option to convert the interest to a five percent (5%) Net Smelter Royalty (“NSR”) after the issuance of a mining production permit.
ANGKOR and BSN shall be Co-Operators on the license and shall collaborate to combine best technical expertise, expediting work programs, and pursuing feasibility studies towards production permits. The first priorities for the technical teams are the Canada Wall and South Creek area showing copper gold porphyry systems.

BSN is an associated partner company of the Vietnam Group LLC, well established in Cambodia with its head office in Hanoi Vietnam and mining operations in Laos. The Vietnam Group is a multi-faceted company with diverse holdings across Southeast Asia.

“We are very pleased to be working with BSN to accelerate the development on Andong Meas. We anticipate IP work on the porphyry systems and then drilling the Canada Wall and South Creek prospects on the license as soon as possible,” said Dennis Ouellette, VP Exploration of ANGKOR.” He continues, “There are multiple drill targets for both gold and copper and our continued collaboration with the indigenous communities has established stellar working relationships and agreements for local labour and resources to collectively explore the licence.“

BSN sent technical personnel to the property earlier as part of due diligence and their team has returned to Banlung provincial barracks this week to work with the ANGKOR geological team.

QUALIFIED PERSON:

Dennis Ouellette, B.Sc., P.Geo., is a member of The Association of Professional Engineers and Geoscientists of Alberta (APEGA #104257) and a Qualified Person as defined by National Instrument 43-101 (“NI 43-101”). He is the Company’s VP Exploration on site and has reviewed and approved the technical disclosure in this document.

ABOUT ANGKOR RESOURCES CORPORATION:

ANGKOR Resources Corp. is a public company, listed on the TSX-Venture Exchange, and is a leading resource optimizer in Cambodia working towards mineral and energy solutions across Canada and Cambodia. ANGKOR’s carbon capture and gas conservation project in Saskatchewan, Canada is part of its long-term commitment to Environmental and Social projects and cleaner energy solutions across expanding jurisdictions. The company holds three mineral exploration licenses in Cambodia and its subsidiary, EnerCam Resources, was granted an onshore oil and gas license of 7300 square kilometers in the southwest quadrant of Cambodia.

CONTACT: Delayne Weeks - CEO

Email: info@angkorresources.com Website: angkorresources.com Telephone: +1 (780) 831-8722

Please follow @AngkorResources on LinkedIn, Facebook, Twitter, Instagram and YouTube.

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 information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to the potential for gold and/or other minerals at any of the Company’s properties, the prospective nature of any claims comprising the Company’s property interests, the impact of general economic conditions, industry conditions, dependence upon regulatory approvals, uncertainty of sample results, timing and results of future exploration, and the availability of financing. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.