Angkor Gold Corp announces that Cambodia’s Ministry of Mines and Energy has approved and issued a mining license on 12 km2 for Mesco Gold’s Phum Syarung mine. This landmark approval represents the first industrial mining license (IML) for gold and associated metals under the new regulatory framework established by the Royal Government of Cambodia, and the final step for MESCO to bring its Phum Syarung gold mine into production.
JK Singh, Chairman of Mesco Group that owns Mesco Gold: “With the grant of the first fully approved mining license in Cambodia to Mesco Gold, a new stage in the evolution of the mining industry in the country has begun, which so far was limited to exploration only.”
Mike Weeks, CEO and Chairman of ANGKOR: “We are very excited and proud of this final approval for MESCO. This is a new era for Cambodia, and sets the stage to further the development of a world-class mining sector.”
ANGKOR retains a sliding scale 2.0% to 7.5% net smelter return (NSR) on the project.
“This is a very important transaction for Cambodia,” stated JP Dau, VP of Operations. He continued, “We are now working with our partners JOGMEC and Blue River towards building a better understanding of our joint-venture projects with an end-goal of securing future income streams for the company.”
ANGKOR’s six exploration licenses in the Kingdom of Cambodia cover 1,352 km2, which the company has been actively exploring over the past six years. The company has now covered all tenements with stream sediment geochemical sampling and has flown low level aeromagnetic surveys over most of the ground. ANGKOR has drilled 21,855 m of NQ core in 190 holes, and has collected in excess of 110,000 termite mound, ‘B’ and ‘C’ zone soil samples in over 20 centres of interest over a combined area of over 140 km2, in addition to numerous trenches and detailed geological field mapping. Exploration on all tenements is ongoing.
ANGKOR Gold Corp is Cambodia’s premier mineral explorer with a significantly large land package and a first-mover advantage building strong relationships with all levels of government and stakeholders.
