|Back to main|
Angkor Gold Corp Signs MOU with Cambodian Company, Shares Up Slightly Late Morning
1/16/2013 11:15:00 AM
By: MT Newswires
ANGKOR GOLD CORP. (ANK.V) has entered into a Memorandum of Understanding ( MOU ) 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.