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Angkor Gold Corp. Signs Joint-Venture Agreement with Mesco Gold Ltd. on Oyadao North License
(via Thenewswire.ca) GRANDE PRAIRIE, ALBERTA / TheNewswire / January 12, 2016 - ANGKOR...
About this update from Angkor Resources Corp.
[{"type":"text","content":"Angkor Gold Corp. Signs Joint-Venture Agreement with Mesco Gold Ltd. on Oyadao North License(via Thenewswire.ca)\n \n \nGRANDE PRAIRIE, ALBERTA / TheNewswire / January 12, 2016 - ANGKOR GOLD CORP. (TSXV: ANK) (\"ANGKOR\") is pleased to announce that it has entered into a definitive joint-venture agreement (\"JV agreement\") with Mesco Gold (Cambodia) Ltd. (\"MESCO\") on its Oyadao North Concession, Ratanakiri Province, Cambodia. \n\n\n \nThe new agreement is the second between ANGKOR and MESCO. It expands mineral rights for MESCO revises an already existing net smelter royalty (NSR) that ANGKOR holds on MESCO's Phum Syarung Gold Mine; and allows ANGKOR to focus on its core prospects. \n\n\n \nThe JV Agreement adds to MESCO's current land holdings in the region which includes the soon-to-be-operating Phum Syarung Gold Mine that is scheduled to begin mining in 2016.\n\n \n \n\"MESCO is very close to receiving final approval for their operations at Phum Syarung Gold Mine, and this deal enhances their ability to continue to explore and expand their operations well into the future, which bodes well for all parties involved,\" commented Mike Weeks, CEO of ANGKOR. \n\n \n \nMESCO is incorporated under the laws of the Kingdom of Cambodia and is affiliated with Mesco Steel Ltd., a leading vertically-integrated iron and steel producer based in India that has successfully diversified its operations into other raw materials and commodities, including mining.\n\n \n \nHighlights:\n\n \n \n\n\n-The JV Agreement on the Oyadao North Concession provides MESCO with the rights to explore the entire licence for minerals and, if deemed warranted, bringing a portion into commercial production by establishing and operating a mine.\n\n\n\n-MESCO agrees to spend US$1,250,000.00 on exploration.\n\n\n\n-ANGKOR will maintain a 15% free-carried interest on the Oyadao North license without incurring any financial obligations related to the maintenance of the licence and future exploration/mining programs. \n\n\n\n\n \n\n\n-Under the JV agreement, ANGKOR and MESCO have renegotiated the existing net smelter royalty (NSR) agreement on the Phum Syarung minesuch that the new NSR for gold will be at 2.0% while the price of gold is less than US$1,000.00 and will increase 0.25% for every $50.00 that the gold price exceeds $1,000.00 to a maximum of 7.5%. For all othe...