Aton Updates Latest Developments on Its Declaration of Commerciality and the Reform of the Egyptian Minerals Sector
VANCOUVER, British Columbia, Aug. 07, 2018 (GLOBE NEWSWIRE) -- Aton Resources Inc. (AAN: TSX-V) (“Aton” or the “Company") is very pleased to update investors on the latest developments at the Company’s 100% owned Abu Marawat Concession, and within the Egyptian minerals sector.
EMRA’s Acceptance of Aton’s study in support of commerciality
The company is pleased to announce that it has received official written notice from EMRA accepting its study in support of its declaration of commerciality. Accordingly, as per the terms of its Concession Agreement, EMRA and Aton are automatically granted an extension to their exploration license.
Mining reform
Recently the Prime Minister Madbouly of Egypt has created an inter-governmental committee to evaluate recommendations in the reform the mining regime and law. Earlier this year, the Ministry of Petroleum and Mineral Resources hired global mining consultants Wood Mackenzie to put forward a plan to reform the mining regime framework and an implementation plan, such as they did in Ecuador, to bring the Egypt in line with the rest of the world and to improve its attractiveness for exploration and mining investment. Some of the changes that it is understood have been proposed are:
- Scrapping the oil and gas based Production Sharing Agreement and moving to a tax, rent and royalty model.
- Eliminating the EMRA-Mining Investor 50:50 Joint Venture Company completely.
- Allowing exploration companies to acquire exploration ground through a Swiss challenge mechanism as in Ecuador. This would also include eliminating the need for the exploration license to be made into a law, thus streamlining the process.
“This is very exciting news for Aton as it allows us to move forward not only in developing our Hamama West Project, but in progressing our Rodruin exploration target.” Said Mark Campbell, President and CEO. “We will now move to begin our next steps in advancing Hamama West and the first pass drilling program at the Rodruin prospect is set to commence shortly. With all the signs are pointing towards the long awaited reform of the Egyptian mining sector and the speed that the Government appear to be moving at to implement these changes, leads us to believe that major positive changes for exploration companies, mining companies and the Egyptian Minerals industry overall is at hand. With the winds of change blowing strongly, we will now be looking for partners who will be interested in assisting us in the development of our projects. Something that would have seemed almost impossible a year ago”.
About Aton Resources Inc.
Aton Resources Inc. (AAN: TSX-V) is focused on its 100% owned Abu Marawat Concession (“Abu Marawat”), located in Egypt’s Arabian-Nubian Shield, approximately 200km north of Centamin’s Sukari gold mine. Aton has identified a 40km long gold mineralised trend at Abu Marawat, anchored by the Hamama deposit in the west and the Abu Marawat deposit in the east, containing numerous gold exploration targets, including three historic British mines. Aton has identified several distinct geological trends within Abu Marawat, which display potential for the development of RIRG and orogenic gold mineralisation, VMS precious and base metal mineralisation, and epithermal-IOCG precious and base metal mineralisation. Abu Marawat is over 738km2 in size and is located in an area of excellent infrastructure; a four-lane highway, a 220kV power line, and a water pipeline are in close proximity.
For further information regarding Aton Resources Inc., please visit us at www.atonresources.com or contact:
Mark Campbell
President and Chief Executive Officer
Tel: +202-27356548
Email: mcampbell@atonresources.com
Note Regarding Forward-Looking Statements
Some of the statements contained in this release are forward-looking statements. Since forward-looking statements address future events and conditions; by their very nature they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.