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Rome Resources Announces Two Property Acquisitions in the Democratic Republic of the Congo
VANCOUVER, British Columbia, May 24, 2022 (GLOBE NEWSWIRE) -- Rome Resources Ltd. (the “Company”) is pleased to announce that it has reached agreement in princi
About this update from Alphamin Resources Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, May 24, 2022 (GLOBE NEWSWIRE) -- Rome Resources Ltd. (the “Company”) is pleased to announce that it has reached agreement in principle to acquire majority interests in two properties situated in the Walikali District of the North Kivu Province in eastern Democratic Republic of the Congo (“DRC”). The two contiguous properties adjoin the northern boundary of the tenements held by Alphamin Resources Corp. (“Alphamin”) (TSXV: AFM), and are referred to collectively as the “Bisie North Tin Project”. Alphamin’s Mpama North Mine is situated approximately 8 km south of the boundary of the Bisie North Tin Project. The Bisie North Tin Project comprises two adjoining licences covering a total area of 38.4 km². Exploration Licence PR 13274 covers an area of 30.7 km² and is in the process of being converted into small scale mining permit PEPM 13274. Exploration Licence PR 15130 covers an area of 7.7 km², and its west and south boundaries adjoin PR 13274.. Exploration Permit 13274 The Company has agreed to acquire from Medidoc FZE (“Medidoc”) all of the issued and outstanding shares in Medidoc – RD Congo S.A.R.L.U. (“Medidoc Congo”) for CAD$2,000,000, to be paid by the issuance of 40,000,000 shares of the Company at a deemed price of CAD$0.05 per share. On closing, the Company has agreed to settle a debt of CAD$1,278,229 owing to Medidoc by Medidoc Congo by the issuance of an additional 25,564,580 shares of the Company at a deemed price of CAD$0.05 per share. The total consideration amounts to 65,564,229 shares. Medidoc Congo holds a 72.5% interest in Exploration Permit PR 13274 (converting to PEPM 13274). The remaining 27.5% interest is held by Investissement et de Developpement Immobilier S.A.R.L (“IDI”). Medidoc Congo and IDI operate the permit under a joint venture agreement. Medidoc Congo is the operator of the joint venture. Under the agreement, the Company has agreed to fund, to the extent of up to CAD$250,000, on-going costs associated with the maintenance of the Permit until closing. Such advances will be treated as a loan to Medidoc Congo. Medidoc advises that exploration to date at PR 13274 by Medidoc Congo includes a soil sampling and geological mapping program with channel samples collected across mineralized structures currently being mined by artisanal miners. Soil samples were collected on lines 40...