Business
Mesco Gold Makes First Payment of $700,000 to Angkor Gold
Vancouver, British Columbia--(Newsfile Corp. - May 2, 2013) - ANGKOR GOLD CORP. (TSXV: ANK) (...
About this update from Angkor Resources Corp.
[{"type":"text","content":"\nMesco Gold Makes First Payment of $700,000 to Angkor Gold\n\nVancouver, British Columbia--(Newsfile Corp. - May 2, 2013) - ANGKOR GOLD CORP. (TSXV: ANK) (\"ANGKOR\") is pleased to provide an update on the strategic transaction announced with Mesco Gold Ltd. on January 16th, 2013, for the rights to develop and mine Angkor's Phum Syarung prospect (\"PS\"), located within Angkor Gold's Oyadao South Concession, Ratanakiri Province, Cambodia.Under the terms of the Definitive Agreement, signed on February 20th, 2013, a one million two hundred thousand US dollars (USD $1,200,000) payment from Mesco Gold to Angkor was payable in two tranches:A cash payment of USD $700,000 upon receipt of confirmation from Ministry of Industry, Mines and Energy (MIME) acknowledging the intent of both parties to move to a mining license on the six square kilometres of PS property; A promissory note of USD $500,000 payable when a preliminary exploitation licence is granted. Application has been made for this licence, which is expected before the end of 2013. The first payment was conditional upon approval by MIME. That approval was received on April 8th 2013. The initial payment was disbursed to Angkor on April 30th 2013.Mike Weeks, CEO and President of Angkor, commented: \"Receipt of this initial $700,000 further strengthens Angkor's balance sheet. As we push ahead with our expanded exploration program to generate additional mature prospects for future transactions, we look forward to providing more updates on our progress.\" Mesco Gold has lodged a mining plan for development of the PS prospect and prefeasibility study with MIME, a copy of which Angkor has received. Highlights include: Average head grade expected at 6.2g/t Initial production expected to be around 8,800 ounces per year. Angkor Gold's Vice President of Exploration, Dr Adrian Mann, said: \"Their plan is ambitious and straightforward, the way I like it. We will continue to cooperate fully with Mesco to help make this happen as expeditiously as possible.\"After completing four diamond drill holes in March 2013 to confirm the original Angkor results, and collecting a metallurgical sample from a deep trench that also will serve as a portal to one of two planned exploratory winzes, Mesco Gold commissioned an Environmental Impact Assessment. A bypass road around Syarung village is being made un...