Business
Angkor Gold Corp. agrees to acquire Andong Meas concession and to increase licence interest from 90% to 100% in Cambodia
Vancouver, British Columbia--(Newsfile Corp. - May 1, 2012) - ANGKOR GOLD CORP. (TSXV: ANK) (&#...
About this update from Angkor Resources Corp.
[{"type":"text","content":"\nAngkor Gold Corp. agrees to acquire Andong Meas concession and to increase licence interest from 90% to 100% in Cambodia\n\nVancouver, British Columbia--(Newsfile Corp. - May 1, 2012) - ANGKOR GOLD CORP. (TSXV: ANK) (“ANGKOR”) is pleased to announce that it has agreed to increase its interest from 90% to 100% in its existing licenses and acquire 100% ownership of a new concession, Andong Meas.\n\nThis transaction (the “Acquisition”) will consist of Angkor first acquiring Transol Mining and Exploration Pty Ltd. (“Transol”), which owns 100% of the 209 square kilometre Andong Meas concession in \nCambodia and a 10% interest in Angkor’s Oyadao South gold exploration property. Angkor will then acquire the remaining 10% interests in Angkor’s Oyadao, Banlung and Banlung North gold exploration properties, which are currently \nowned by Liberty Mining International Pty Ltd. (“LMI”). When these transactions are complete, Angkor will own a 100% interest in the Oyadao, Oyadao South, Banlung and Banlung North gold exploration properties and will have \nacquired 100% of the Andong Meas concession.\n\nIn consideration for the Acquisition, Angkor has agreed to pay the vendors CA$200,000 cash and to issue to the vendors an aggregate of 4.25 million common shares in the capital of Angkor. These shares will be voluntarily escrowed for 6 \nmonths.\n\nMike Weeks, President and CEO of Angkor Gold Corp. stated, “I am extremely pleased with the significant value added to our shareholders with this acquisition. This further confirms our position that Cambodia is a country play. The transaction \nwill add the final 10% to all our licenses and complete our obligations under the Joint Venture with LMI. As well, Andong Meas is a great addition to our exploration efforts, and substantially increases our opportunity to discover an economic \ndeposit.” \n\nThe Andong Meas property is contiguous to the west and northwest of Angkor’s Oyadao license and has had considerable exploration work to date. Including an aeromagnetic survey and geological satellite imagery interpretation highlighting \nmultiple exploration areas for follow-up, not least of which are the hundreds of artisanal mine workings throughout the property. Angkor is primarily interested in the Andong Meas p...