Business
Angkor Announces Geophysics Partnership with China's Betec Ltd. For 2015-16 Season in Cambodia
(via Thenewswire.ca) GRANDE PRAIRIE, ALBERTA / TheNewswire / August 12, 2015 - ANGKOR ...
About this update from Angkor Resources Corp.
[{"type":"text","content":"Angkor Announces Geophysics Partnership with China's Betec Ltd. For 2015-16 Season in Cambodia(via Thenewswire.ca)\n\n \nGRANDE PRAIRIE, ALBERTA / TheNewswire / August 12, 2015 - ANGKOR GOLD CORP. (TSXV: ANK) (\"ANGKOR\") announced today that it has entered into a strategic partnership with Beijing Explo-Tech Engineering Co. (BETEC) Ltd. of China to further ANGKOR's geophysical survey programs in Cambodia.\n\n \n \nThe agreement between the two companies follows a consulting agreement for work completed during the 2014/15 work season that saw BETEC's 21-person team of geologists and geophysicists working to extend the induced polarization (IP) and geological field reconnaissance work. The result of their work has been instrumental as ANGKOR moves two flagship prospects, HALO and CW, to a level of international interest.\n\n \n \nZhuangwei Luo, Chairman of BETEC, said, \"We see significant potential in ANKGOR's group of assets in Cambodia, and we have been very pleased with our working relationship with the Angkor team. It is my hope that today's announcement bolsters both our companies as we invest into one another's future operations.\" \n\n \n \nThe partnership agreement consists of a mixed compensation package for work performed by BETEC. Payment to BETEC takes the form of an equal split between equity in ANGKOR's Canadian parent company, and fees-for-service. This will add to BETEC's existing equity in ANGKOR which they have held since June 2014.\n\n \n \nThe initial work program value will be $575,000 CDN split equally between shares and dollars, this may be extended with follow-up programs like drilling; contingent upon the preliminary work. Work will begin at the start of the 2015 dry season in November as the weather permits. BETEC will provide geological mapping, IP gradient array survey, gravity survey and analysis support across a number of ANKGOR's prospects. \n\n \n \n\"BETEC is committed to working with ANGKOR not solely as a client, but as a business partner. Our plans for Cambodia are evolving, and we have agreed to a combination of fees and equity to leverage BETEC's technology and expertise,\" said Qinghong Han, lead geologist for BETEC. He continued, \"I believe that there are very few geologists who have had the opportunity to work on such targets as HALO and CW. I am extremely pleased with BETEC's commitment...