Cambodia Mine On Track for 2016 Start-Up
GRANDE PRAIRIE, ALBERTA / TheNewswire / June 16, 2015 - Angkor Gold Corp. (TSXV: ANK) ("ANGKOR") reports: India's Mesco Gold (Cambodia) ("MESCO") presented to the Cambodian Ministry of Mines and Energy ("MME") that its Phum Syarung underground mine, in the northeastern province of Ratanakiri will start with initial capacity of 500 tons per day with a recovery rate of 85%.
Angkor Gold discovered the epithermal gold deposit at Phum Syarung in 2011 and retains a sliding scale 7.5% net smelter royalty ("NSR") on the project. See: Press Release" Angkor drills 16.67g/t gold over 4.05 m in Phum Syarung Prospect, Cambodia", dated September 25, 2012. Payment of $500 000 USD is due to Angkor upon MME granting the mining license to Mesco.
During the full-day review in Phnom Penh, Mesco identified three distinct zones in the 12 square km area. The Northern block, where mining would start, has three lodes.
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Figure 1 Mesco Gold (Cambodia) slide representing the 3D model of the PhumSyarung Project.
The Phum Syarung Project is currently ahead of its 24-month construction schedule including two inclines, an on-site laboratory; and a training center, all in the final stages of construction.
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Figure 2. Phum Syarung Site showing incline with head frame, laboratory and field office.
Meng Saktheara, Secretary of State at the Ministry of Mines and Energy (MME), was quoted in the Phnom Penh Post, March 2015 as stating, "He is hopeful that Mesco will become a model for other companies looking into mineral extraction."
Mesco Steel Chairman J.K. Singh stated, "This will be a great project for Mesco, Angkor and for the people of Cambodia."
Angkor Gold CEO Mike Weeks said he was impressed by the depth of the 5-hour presentation and the projections for an extended mine life. "I think all the stakeholders will benefit greatly from this project. Angkor's investors will certainly win, but overall, this will be very good for Cambodia. Establishing a royalty-generating commercial mine in which government, local communities, industry and NGO's all had input is a first and I commend Mesco, MME, and the local citizens in their efforts to break new ground. We know first-hand how challenging it can be to lead the charge."
Weeks added, "Angkor's goal has been to build shareholder value through joint ventures and NSRs, and our business with Mesco is a step towards accomplishing our goals. Angkor continues to generate shareholder value through the exploration of key prospects in the region. Significant efforts have been placed on drilling and geodata collection in Katieng, Okalla, Halo and CW, and we are very confident in our ability to identify and secure long-term joint-venture partners."
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Figure 3 Mesco Gold (Cambodia) Ltd. consulting with community leaders and government to develop social programs in the areas of health, education, training and economic development.
Cambodia's Ministry of Mines & Energy and environmental authorities are in the final stage of reviews for the 12-square kilometre operation.
Mesco Steel Group, a diversified conglomerate, has two steel plants and several mines in India, and owns Mesco Cambodia.
ANGKOR discloses that, although Mesco represents that it has completed in-house technical and feasibility studies, these have not been made available to Angkor for review; and Mesco has not filed with MME an independent technical estimate of mineral reserves or resources, nor have they filed the feasibility study demonstrating economic and technical viability of the project. This increases the uncertainty and the specific economic and technical risks of failure associated with its production decision.
The QP for this release, which he approved, is Dr. Adrian G. Mann, P.Geol., VP Exploration for ANGKOR. He is a graduate of London University and of the University of the Witwatersrand, with 50 years world-wide experience in mineral exploration and mining geology.
ANGKOR's seven exploration licences in the Kingdom of Cambodia cover 1,448 km2, which the company has been actively exploring over the past 6 years. The company has now covered all tenements with stream sediment geochemical sampling; the company has flown low level aeromagnetic surveys over most of the ground; drilled 20,789 metres of NQ core in 171 holes; and has collected in excess of 100,000 termite mound, and 'B' and 'C' zone soil samples in over 20 centres of interest over a combined area of over 100km2, in addition to numerous trenches and detailed geological field mapping. Exploration on all tenements is ongoing.
Angkor Gold Corp.., a public company listed on the TSX-Venture Exchange, is Cambodia's premier explorer with a significantly large land package and a first-mover advantage with excellent relationships at all levels of Government (local to national). It holds a royalty on the developing Mesco Gold mine site, Angkor Gold discovery.
FOR FURTHER INFORMATION PLEASE CONTACT:
Mike Weeks, President
Telephone: (780) 568-3801
Email: mw@angkorgold.ca
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