Business
RosCan Obtains Right to Assume Operatorship at Dormaa Project in Ghana
Toronto, Ontario--(Newsfile Corp. - February 2, 2018) - RosCan Minerals Corporation (" RosCa...
About this update from Roscan Gold Corporation
[{"type":"text","content":"RosCan Obtains Right to Assume Operatorship at Dormaa Project in GhanaToronto, Ontario--(Newsfile Corp. - February 2, 2018) - RosCan Minerals Corporation (\"RosCan\" or the \"Company\") (TSX-V: ROS) is pleased to provide the following update on the Company's Dormaa Gold Project in Ghana Option and Joint Venture Agreement — The agreement made with Pelangio Exploration Inc. (\"Pelangio\") has been amended and restated to provide RosCan with the right to assume operatorship in the Dormaa Project, upon RosCan earning its 50% interest. As previously announced on December 5, 2017, the payment dates were extended to compensate for the delay in receiving approvals for a 3,000 metre drill program. To earn its interest, RosCan is now required to make the following payments:(a)  fund Cdn $1,700,000 in exploration expenditures, as follows:Amount Due Dates  $700,000 By June 5, 2018; and, $1,000,000 By June 5, 2019(b) cash payments to Pelangio totalling Cdn $250,000, as follows:Amount Due Dates  $50,000By June 5, 2018; and, $200,000By June 5, 2019Drill Program Update — As previously reported, a number of anomalous gold areas have been identified following the completion of a prospecting program and gold-in-soil geochemical surveys. A number of high priority drill targets have been defined. A 3,000 metre reverse circulation and air core rotary blast drill program has been designed to test these targets but continues to be delayed due to obtaining the necessary approvals. RosCan has provided Pelangio with funding for the drilling program. COMMENTARY Greg Isenor, President and CEO of RosCan, stated, \"For RosCan in the Dormaa project area, it is important to have the option to acquire operatorship of the Dormaa Gold Project while still utilizing the experience and expertise of the Pelangio technical team who has developed extensive and invaluable knowledge by working in Ghana for many years. We are pleased we were able to negotiate this change and value our excellent relationship with Pelangio.\" ABOUT ROSCAN RosCan Minerals Corporation is a Canadian gold exploration company focussed on the acquisition of gold properties in West Africa. The Company is currently exploring the promising gold potential of the early exploration stage Dormaa Project in Ghana. RosCan is earning a 50% interest in the Dormaa P...