ANGKOR ANNOUNCES JOINT VENTURE, ACCELERATES DRILLING
GRANDE PRAIRIE, ALBERTA (2015 February 26)
ANGKOR GOLD CORP. (TSXV: “ANK”) (“ANGKOR”) is pleased to announce that it has entered into an agreement with North American investors who have together invested an aggregate of $1,428,000 CAN in exchange for which they will collectively receive a 5% joint venture interest in Angkor’s current Cambodian prospects. 4% of the 5% joint venture interest is held by investors who are at arm’s length to Angkor, with the remaining 1% being held by parties related to Angkor. Angkor retains the option to buy back this option at a future date. The funds invested will be used to fund drilling and advanced exploration on several targeted areas of four different licenses. Diamond drilling on China Wall prospect in Andong Meas tenement has already commenced and plans are in place to tackle at least three other targets on other tenements this season.
“This gives us funds to accelerate the drilling process on several prospects at the same time.” says Mike Weeks, CEO of Angkor. “I want to see us move on these as quickly as possible during this dry season, as exploration results on the prospects have been very encouraging.”
The agreement was facilitated through Tohui Beishan Property Group Holding Limited (“Tohui”) relinquishing a third of its option to acquire 15% of the shares of Angkor’s subsidiary, Angkor Gold Cambodia Co. Ltd. (“AGC”). Tohui still retains the option to acquire 10% of the shares of AGC.
“The Tohui Beishan Property Group is happy to work with Angkor Gold in facilitating this agreement. The agreement provides immediate funds to advance the properties as quickly as possible, benefitting all shareholders.” commented Mr. Peng, Chairman of Tohui.
ANGKOR GOLD CORP., a public company listed on the TSX Venture Exchange, is Cambodia’s premier gold explorer with a significantly large land package and a first-mover advantage with excellent relationships at all levels of Government (local to national).
ANGKOR’s seven exploration licences in the Kingdom of Cambodia cover 1,448 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; has flown low level aeromagnetic surveys over most of the ground; drilled 18,737 metres of NQ core in 148 holes; and has collected in excess of 90,000 termite mound, and ‘B’ and ‘C’ zone soil samples in over 20 centres of interest over an area of over 100km2, in addition to numerous trenches and detailed geological field mapping. Exploration on all tenements is ongoing.
FOR FURTHER INFORMATION PLEASE CONTACT:
ANGKOR GOLD CORP.
Mike Weeks, President
Telephone: (780) 568-3801
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