RosCan Finalizes Option Agreement to Acquire the Mankouke Permit for Its West Mali Kandiole Gold Project
Toronto, July 10, 2018 - RosCan Minerals Corp. (TSXV: ROS) ("RosCan" or the "Company"), further to its news release of June 5, 2018, is pleased to announce that the Company has finalized the option agreement with Minex SARL ("Minex") to acquire a 100% interest in the 16 sq. km. Mankouke permit. Minex is a private company located in Bamako, Mali, involved in the acquisition and exploration of mineral properties. Key terms of the option agreement are: - Pay Minex $250,000, of which $40,000 was paid on signing and the balance of $210,000 is to be paid over a three (3) year period;
- Issue 1,000,000 RosCan common shares to Minex in four equal instalments, of which 250,000 shares were issued and the remaining instalments are to be issued annually over a three (3) year period;
- Incur exploration expenditures of $205,000 over a three (3) year period;
- Minex shall retain a 3% NSR on all ore mined from the property. RosCan has the right to purchase two-thirds of the NSR (equivalent to a 2% NSR) for US$1,000,000; and,
- During the three (3) year option period, RosCan shall be responsible for maintaining the permit in good standing and performing any and all obligations required by law.
Roscan's west Mali Kandiole Project (visit our web site at http://www.roscan.ca to view map) consists of six permits and encompasses approximately 271 sq. km. of contiguous land located in the prolific gold prospective Birimian rocks of west Mali. The Kandiole Project is located east of B2Gold's Fekola mine and Iamgold's, Boto and Diakha deposits and north of Iamgold's Siribaya deposit.
ABOUT ROSCAN
RosCan Minerals Corp. is a Canadian gold exploration company focussed on West Africa. The Company has assembled a land position of 100%-owned permits in an area of large gold deposits for its Kandiole Project in west Mali. RosCan is also exploring the gold potential of the early exploration stage Dormaa Project in Ghana, in which RosCan can earn a 50% interest through an option agreement with Pelangio Exploration Inc.
For further information, please contact:
Greg Isenor
President and Chief Executive Officer
Tel: (902) 832-5555 or (416) 293-8437
Email: info@roscan.ca
Forward Looking Statements
This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company's management's discussion and analysis as filed under the Company's profile at www.sedar.com. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
