Business
Angkor Announces Mining Application Submitted for Phum Syarung Gold Project
Vancouver, British Columbia--(Newsfile Corp. - January 15, 2014) - ANGKOR GOLD CORP. (TSXV: ...
About this update from Angkor Resources Corp.
[{"type":"text","content":"Angkor Announces Mining Application Submitted for Phum Syarung Gold ProjectVancouver, British Columbia--(Newsfile Corp. - January 15, 2014) - \nANGKOR GOLD CORP. (TSXV: ANK) (\"ANGKOR\") is pleased to announce that Mesco \nGold Ltd. (\"Mesco\") has submitted the mining application for the Phum Syarung \ngold mining project to the Ministry of Mining and Energy (\"MME\") in Cambodia.\nThe mining application is the next step for Mesco to receive \nthe mining licence so that production can begin at Phum Syarung. It is expected \nto take approximately 6 months for MME to reach its decision. The issuance of the \nmining licence by MME would also trigger the final payment of USD$500,000 from \nMesco to Angkor as per the definitive purchase agreement originally announced on \nMarch 2013 (http://angkorgold.ca/blog/?p=278) and subsequently updated in \nNovember 2013. \nAngkor will receive a Net Smelter Royalty (\"NSR\") from all \nproduction at Phum Syarung. As announced on November 14th 2013, the \nNSR is based on a sliding scale related to the price of gold: 7.5% between \n$1300-1700 increasing by 0.5% per $50 change in the price of gold above $1700, \ndecreasing by 0.5% per $50 change in the price of gold below $1300. \nJP Dau, Angkor's Country Manager, commented, \"Our partnership \napproach to Phum Syarung meant that we worked closely with Mesco on the mining \napplication. We're very pleased with the outcome. Phum Syarung is expected to go \ninto production late 2014/early 2015. It will be the first officially licensed \ngold production in Cambodia.\" \nAngkor is also pleased to report that the Phum Syarung project \ncontinues to attract positive attention from exploration and development \ncompanies interested in gaining a foothold in Southeast Asia's newest mining \njurisdiction. \nMike Weeks, Angkor's CEO, commented, \"Phum Syarung has become a \nshowcase for Angkor as a prospect generator and for our partnership approach. \nOriginally it attracted attention because of the drill results which included \n16g/t over 4.05m. Now it's attracting attention because of the rapid pace it's \nprogressing towards mining. \nWe have other prospects which we believe show similar potential \nto fast track towards production. It's a great way to help create the area play \nthat we fully expect Cambodia will become in due course.\" \nANGKOR's 7 e...