Business
Angkor Sells Portion of 7.5% NSR on Phum Syarung Gold Production for $875,000
Grande Prairie, Alberta--(Newsfile Corp. - May 2, 2014) - ANGKOR GOLD CORP. (TSXV: ANK) ("ANG...
About this update from Angkor Resources Corp.
[{"type":"text","content":"\nAngkor Sells Portion of 7.5% NSR on Phum Syarung Gold Production for $875,000Grande Prairie, Alberta--(Newsfile Corp. - May 2, 2014) - ANGKOR GOLD CORP. (TSXV: ANK) \n(\"ANGKOR\") is pleased to announce that a consortium of investors have \npurchased an aggregate of 2.5% of the 7.5% Net Smelter Royalty (\"NSR\") on the \nPhum Syarung gold prospect. Of the 2.5% NSR sold, 1.0% was sold to related \nparties of Angkor. The money was raised on the basis of $175,000 per 0.5% and \ncarries a buy back clause by Angkor. A total of $875,000 was raised. The \nproceeds of the sale are being used to fund ongoing exploration in Cambodia and \nto eliminate debt. \nAngkor owns an NSR on all future production at Phum Syarung by \nMesco Gold Ltd. (\"Mesco\"). The NSR is based on a sliding scale gold price as \nannounced on November 14th 2013 and at the current spot price of \ngold, the NSR would be 7.5% .\nMike Weeks, CEO of Angkor Gold commented, \"This is a win/win. \nThe NSR is being purchased by existing shareholders and provides the Company \nwith a non-dilutive source of funds for exploration, further prospect \ngeneration, and license obligations. The buyback gives Angkor the flexibility to \nregain that portion of the NSR as Mesco is closer to production. \nANGKOR's 7 exploration licences in the Kingdom of \nCambodia cover 1448 km2, which the company has been actively \nexploring over the past 5 years. The company has now covered all tenements with \nstream sediment geochemical sampling; has flown low level aeromagnetic surveys \nover most of the ground; drilled 18,737 metres of NQ core in 148 holes; and has \ncollected in excess of 20,000 augered 'C' zone soil samples and over 48,000 \ntermite mound samples in 17 centres of interest, over a combined area of \n80km2, in addition to numerous trenches and detailed geological field \nmapping. Exploration on all tenements is ongoing.\nANGKOR GOLD CORP., a public company listed on the TSX \nVenture Exchange, is Cambodia's premier gold explorer with a significantly large \nland package and a first-mover advantage with excellent relationships at all \nlevels of Government (local to national).\nBecause the value of the NSR sale is less than 25% of Angkor's \nmarket capitalization, Angkor is exempted from the requirement to have a formal \nvaluation and from the requirement for minority sharehol...