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RosCan Enters into an LOI to Acquire a Second Gold Property in Mali
Toronto, Ontario--(Newsfile Corp. - March 2, 2018) - RosCan Minerals Corporation (" RosCan ...
About this update from Roscan Gold Corporation
[{"type":"text","content":"RosCan Enters into an LOI to Acquire a Second Gold Property in MaliToronto, Ontario--(Newsfile Corp. - March 2, 2018) - RosCan Minerals Corporation (\"RosCan\" or the \"Company\") (TSX-V: ROS) is pleased to announce that RosCan has entered into a Letter of Intent (\"LOI\") with Touba Mining SARL (\"Touba\") to acquire a 100% interest in the 27 sq. km. Kandiole-West permit (the \"Property\"), a very prospective gold exploration property. Previously, on January 18, 2018, RosCan announced that it had entered into an LOI with Touba to acquire the contiguous 56 sq. km. Kandiole-North permit. The Company expects to complete definitive agreements for each of these permits in the coming weeks. The acquisition of these two permits will underpin RosCan's initiative of assembling a sizeable contiguous land package in the prolific gold prospective Birimian rocks of west Mali. These permits are located in an area hosting a number of producing gold mines. In addition, RosCan is currently in negotiations to acquire additional properties in this region and anticipates completing these transactions in the coming months. The key terms of the Kandiole-West LOI are summarized below:Pay permit issuance and registration fees of approximately CAD$25,000 to the applicable Malian governmental agency.Pay Touba CAD$75,000, of which $5,000 was paid on signing of the LOI and the balance of $70,000 is to be paid over a three (3) year period (the \"Option Period\") in six instalments as follows: 6 month instalment - $5,00012 month instalment - $5,00018 month instalment - $10,00024 month instalment - $10,00030 month instalment - $20,00036 month instalment - $20,000   Touba shall retain a 5% Net Profit Interest and a 2% Net Smelter Return (the \"NSR\") upon commencement of commercial production. RosCan has the right to purchase 50% of the NSR for CAD$1,000,000. During the Option Period, RosCan shall be responsible for maintaining the Property in good standing and performing any and all obligations required by law.COMMENTARY Greg Isenor, President and CEO of RosCan, stated, \"Our team has extensive experience in the area and has identified several highly prospective permits in this area of interest and we are aggressively negotiating agreements. We have been successful in these initial stages of assembling a substantial land package. Our plan...