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GRANDE PRAIRIE, ALBERTA - (NewMediaWire) - 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:
- Expand oil and gas production in Canada;
- 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.