Business
Aton Resources confirms partial land relinquishment at its Abu Marawat Concession
VANCOUVER, British Columbia, June 04, 2020 (GLOBE NEWSWIRE) -- Aton Resources Inc. (AAN: TSX-V) (“Aton” or the “Company") is pleased to update investors on the
About this update from Aton Resources Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, June 04, 2020 (GLOBE NEWSWIRE) -- Aton Resources Inc. (AAN: TSX-V) (“Aton” or the “Company\") is pleased to update investors on the status of its 100% owned Abu Marawat Concession (“Abu Marawat” or the “Concession”), in the Eastern Desert of Egypt. The Company confirms that it has partially relinquished a further 25% of the land area of the Abu Marawat Concession, subsequent to the confirmation of the three year extension to its exploration licence (see news release dated April 28, 2020), reducing the area of the Concession to 447.7 km2 (see Figure 1). This relinquishment was accepted and approved by the Egyptian Mineral Resources Authority (“EMRA”) on June 3, 2020. The western Hamama block remains unchanged, while the larger eastern block has been reduced to 423.2 km2 in size. The Company does not consider the ground relinquished to be prospective for the discovery of economic gold mineralisation. “We are pleased to confirm the relinquishment of a further 25% of the Concession, comprising extraneous and unprospective “moose pasture”, and which will have no material effect on Aton. On the contrary this relinquishment is in exchange for an extension of a further 3 years on the exploration licence at Abu Marawat, and we are delighted that this confirmed security of tenure will now allow us to actively pursue our planned programmes,” said Mark Campbell, President and CEO. “I have no doubt that investors are frustrated by what appears to be on the surface a lack of activity, but much of this has been the result of the COVID-19 pandemic hitting everyone. However, this impression could not be further from the truth, as we have developed an aggressive 18 month exploration programme for Rodruin and our other prospective regional targets, such as Abu Gaharish, as well as a plan for further work at our Hamama West development project. It also allows us, with the new global interest in the exploration potential of the Eastern Desert of Egypt, to open the door to discussions with strategic investors who are seeking to enter the Egyptian mineral exploration and mining sector. We have the most advanced exploration concession and gold projects in the country, and the only ones operated to international standards. This also gives us the opportunity to work on the legal and technical processes of migrating to ...