Angkor Resources Completes Agreement for $590,000 USD on Oyadao North License Disposition
GRANDE PRAIRIE, June 25, 2024 - Angkor Resources Corp. (TSXV: ANK) and (OTCQB: ANKOF) ("ANGKOR" or the "Company") announces it has signed an agreement with Almighty Natural Resources Ltd. ("Almighty") of Dubai, UAE to transfer its 100% interest in the exploration Oyadao North license for $590,000 USD plus a 3% Net Smelter Royalty ("NSR") on all minerals produced from the license ("the Agreement"). Payments of $590,000 shall come to Angkor in three tranches over July, August, and September of 2024.
Angkor's Chief Financial Officer Grant T. Smith comments on the transaction, "This opportunity to optimize current value from the Oyadao North license, while maintaining a 3% NSR is consistent with the Company's objectives. Cash is tight in today's market, and this move provides opportunity to advance other projects by monetizing asset value, without diluting shareholder value."
This agreement, signed on June 18 2024, replaces the previous agreement of Nov. 3, 2023 whereby Almighty earned up to 80% of the two licenses in Ratanakiri, Oyadao North and Andong Meas. The result of the new agreement places 100% ownership and interest of the Andong Meas license with Angkor and positions it as a priority for exploration. There were no finder's fees paid on the transaction.
The use of proceeds shall be used to:
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Expand oil and gas production in Canada;
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Finance exploration work on the Andong Meas license.
Andong Meas hosts two copper gold porphyry targets and an epithermal gold target. This new agreement will provide the funds needed to source the expertise and the resources necessary to significantly advance this property.
Dennis Ouellette, VP of Exploration comments on the work plan strategy, "With the two copper gold porphyry systems on the property and the increasing prices of both gold and copper, it is the perfect time to be exploring these prospects. "
The Company also pursues environmental solutions for energy in both Cambodia and Canada, including carbon credits for several projects in the jurisdictions.
ABOUT ANGKOR RESOURCES CORPORATION:
Angkor Resources Corp. is a public company, listed on the TSX-Venture Exchange, and is a leading resource optimizer working towards mineral and energy solutions across Canada and Cambodia. Angkor's carbon capture and gas conservation project in Saskatchewan, Canada is part of its long-term commitment to Environmental and Social projects and cleaner energy solutions across expanding jurisdictions. Upon completion of the transaction described above, the company will hold two mineral exploration licenses in Cambodia, Andong Meas license in Ratanakiri Province and Andong Bor license straddling Oudar Meanchey and Banteay Meanchey Provinces. Angkor's subsidiary, EnerCam Resources, was granted an onshore oil and gas license of 7300 square kilometres in the southwest quadrant of Cambodia.
CONTACT: Delayne Weeks - CEO
Email: info@angkorresources.com Website: angkorresources.com
Telephone: +1 (780) 831-8722
Please follow @AngkorResources on LinkedIn, Facebook, Twitter, Instagram and YouTube.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.?
The information in this press release contains certain forward-looking statements, including within the meaning of applicable securities laws. These statements relate to future events or our future intentions or performance. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "continue", "demonstrate", "expect", "may", "can", "will", "believe", "would" and similar expressions and include statements relating to, among other things, Angkor's position, strategy and development plans and the benefits to be derived therefrom; the Corporation's anticipated annual production growth and annual capital spending for the next three years; that the focus of the Corporation's development activities during the remainder of 2023; expectations of when the transaction is completed; the anticipated focus of Angkor's operations in 2024; the Corporation's anticipated 2024 average production; and the Corporation's expectations that it will continue to deliver clean, reliable, sustainable energy, contributing to a reduction in global emissions by displacing high-carbon fuels. Angkor's actual decisions, activities, results, performance or achievement could differ materially from those expressed in, or implied by, such forward-looking statements and accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do, what benefits that Angkor will derive from them.
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