Business
Angkor Achieves Third Strategic Transaction: USD$700,000 for Blue Lizard Prospect, Oyadao South Tenement, Cambodia
Vancouver, British Columbia--(Newsfile Corp. - November 14, 2013) - ANGKOR GOLD CORP. (TSXV: AN...
About this update from Angkor Resources Corp.
[{"type":"text","content":"\nAngkor Achieves Third Strategic Transaction: USD$700,000 for Blue Lizard Prospect, Oyadao South Tenement, CambodiaVancouver, British Columbia--(Newsfile Corp. - November 14, 2013) - ANGKOR GOLD CORP. (TSXV: ANK) (\"ANGKOR\") is pleased to announce that it has \nclosed a Purchase Agreement with Mesco Gold Ltd. (\"Mesco\") which extends their \nexisting land package from 6km2 to 12km2 to include \nAngkor's recently identified Blue Lizard prospect. Mesco has advised that it \nexpects to begin gold production from these prospects by early 2015.\nMesco is an associated company of Mesco Steel Ltd., which is a \nleading Indian, vertically-integrated iron and steel producer that has \nsuccessfully diversified its operations into other raw materials and commodities \nincluding mining.\n \nTo view an enhanced version of this image, please visit: \n \n http://orders.newsfilecorp.com/files/1494/7462_newsreleasex1x1-enhanced.jpg\n\nHIGHLIGHTS:\n\n Angkor will receive USD$700,000 in staged payments through 2013-2015. This \n payment is in addition to the USD$1,200,000 from its sale of the Phum Syarung \n Prospect in January 2013. \n Mesco's rights covering 6 km2 of Angkor's 247 km2, Oyadao South Concession \n will extend to cover 12km2 and include Angkor's recently identified Blue \n Lizard prospect. \n From a geological perspective, the indications from early exploration at \n Blue Lizard are suggestive of continuity with Phum Syarung (see Angkor's news \n release of November 5th , 2013). This zone may also be related to \n the larger epithermal system identified at Otray (see Angkor's news release of \n May 29th , 2013). \n Angkor and Mesco have also agreed to introduce a sliding scale Net Smelter \n Royalty on production from the expanded land package based on the price of \n gold as follows: 7.5% between $1300-1700, increasing by 0.5% per $50 change in \n the price of gold above $1700, decreasing by 0.5% per $50 change in the price \n of gold below $1300. \nMike Weeks, Angkor's CEO, commented, \"Mesco is progressing \nrapidly towards achieving their mining licence which will enable them to begin \nconstruction of the mine at Phum Syarung. It made sense to do a deal on the Blue \nLizard prospect at this stage so that it could be included in their licence \napplication.\nIntroducing a sliding scale royalty structure also made sense \nin v...