ANGKOR GOLD CORP. (ANK.V) has entered into a Memorandum of
) with Mesco Gold Ltd. to develop and mine Angkor's Phum Syarung
prospect (PS), located within its Oyadao South Concession,
Ratanakiri Province, Cambodia.
Mesco Gold is a corporation incorporated in Cambodia.
Under the terms of the MOU:
Angkor will grant Mesco Gold the full exclusive right to mine,
process and sell all minerals and metals from PS in exchange for
cash payments totalling USD$1,200,000 and a 10% NSR from all future
production generated from PS.
The payment will take the form of USD$700,000 and a promissory
note of $500,000 upon executing the DA.Â The promissory note is
payable on the later date of six months from closing or when the
Cambodian government grants a preliminary exploitation licence for
PS.Â The terms of the DA are agreed upon and it will be signed once
Mesco Gold has completed its incorporation and registration process
in Cambodia, which is expected within the next 30 days.
Mesco Gold will be responsible for 100% of all future
exploration and exploitation costs at PS. Mesco Gold shall provide
all technical manpower, equipment, machinery, and logistical
solutions to carry out the mining, processing and selling/marketing
of products obtained from the mines and processing plant. Angkor
will assist with logistical support and will continue to manage
local community development and government relations.
Mesco Gold has a Right of First Refusal based on negotiated
terms for 5 years on the Dok Yong prospects and the Phum Puik
prospect in Sesan North.
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