Business
Kenadyr Mining Acquires 9 Mineral Exploration Licenses in Kyrgyz Republic
VANCOUVER, British Columbia, Nov. 28, 2017 (GLOBE NEWSWIRE) -- Kenadyr Mining (Holdings) Corp. (TSX-V:KEN) (the “Corporation” or “Kenadyr”) is pleased to announ
About this update from Algo Grande Copper Corp.
[{"type":"text","content":"VANCOUVER, British Columbia, Nov. 28, 2017 (GLOBE NEWSWIRE) -- Kenadyr Mining (Holdings) Corp. (TSX-V:KEN) (the “Corporation” or “Kenadyr”) is pleased to announce that it has entered into option agreements (the “Option Agreements”) with Realgold Resources Corp. (the “Optionor”) for the acquisition of 9 mineral exploration licenses (the “Licenses”) covering approximately 1,200 square kilometers of the most prospective gold ground within the Middle Tien Shan carbonaceous shale belt of the Kyrgyz Republic. The licenses cover most of the highly prospective rocks (Riphean carbonaceous shales) and occur within a strike length of 800 km from west to east. These licenses contain approximately 80% of the exposed Upper Proterozoic black shales found in Kyrgyz Republic, that are not within a protected area (i.e. National Park). Under the terms of the Option Agreements, Kenadyr, through its Kyrgyz subsidiaries, is required to advance as secured loans an aggregate of US$552,669.75 to certain subsidiaries of the Optionor. Upon completion of the advances and subject to compliance with all applicable laws of the Kyrgyz Republic, Kenadyr will be eligible to exercise its option to acquire the Licenses. During the period of the option, Realgold’s subsidiaries will use the funds advanced under the Option Agreements to conduct exploration activities on the Licenses and to maintain the Licenses in good standing under Kenadyr’s oversight. Alexander Becker, the CEO and a director of Kenadyr is an officer of a material subsidiary of Realgold and accordingly has abstained from voting in connection with the approval of the Option Agreements by the Kenadyr Board of Directors. Kevin Ma, the CFO of Kenadyr, is also the CFO of Realgold. The transactions contemplated by the Option Agreements are subject to the approval of the TSX Venture Exchange. Table of licenses: # Project Area(hectares) Location License ID 1 Arpatektyr 10,978 East of Kumtor 5135 2 Taldysu-Sarlytash 10,177 East of Kumtor 5317 3 Kyilu-Irtash 12,026 East of Kumtor 5147 4 Akbelsuu 12,875 West of Kumtor 5132 5 Kashkasu-Sandalash 12,681 NE Chaarat 5137 6 Kokuibel 15,067 NE Chaarat 5133 7 Chiimtash 3,634 East of Chaarat 5144 8 Kokiirim-Bardambot 34,251 Central black shale segment 5149 9 Usta-Sai 10,220 Central black shale segment 5131 Kenadyr is in possession of a complete...