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Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (1020)	5/3/2013 8:30:50 PM
From: Goose94	Read Replies (1) \| Respond to of 202925

Angkor Gold (ANK-V) receives payment from Mesco for Phum Syarung - Mike Weeks CEO & President of ANK receipt of this initial $700,000 further strengthens Angkor's balance sheet May 2nd, 2013 - News Release Angkor Gold Corp. is providing an update on the strategic transaction announced with Mesco Gold Ltd. on Jan. 16, 2013, for the rights to develop and mine Angkor's Phum Syarung prospect located within Angkor Gold's Oyadao South concession, Ratanakiri province, Cambodia. Under the terms of the definitive agreement, signed on Feb. 20, 2013, a $1.2-million (U.S.) payment from Mesco Gold to Angkor was payable in two tranches, as follows: A cash payment of $700,000 (U.S.) is due upon receipt of confirmation from the Ministry of Industry, Mines and Energy acknowledging the intent of both parties to move to a mining licence on the six square kilometres of Phum Syarung. A promissory note of $500,000 (U.S.) is payable when a preliminary exploitation licence is granted. Application has been made for this licence, which is expected before the end of 2013. The first payment was conditional upon approval by the ministry. That approval was received on April 8, 2013. The initial payment was disbursed to Angkor on April 30, 2013. Mike Weeks, chief executive officer and president of Angkor, commented: "Receipt of this initial $700,000 further strengthens Angkor's balance sheet. As we push ahead with our expanded exploration program to generate additional mature prospects for future transactions, we look forward to providing more updates on our progress." Mesco Gold has lodged a mining plan for development of the Phum Syarung prospect and a prefeasibility study with the ministry, a copy of which Angkor has received. Highlights include: An average head grade expected at 6.2 grams per tonne; Initial production expected to be around 8,800 ounces per year. Angkor Gold's vice-president of exploration, Dr. Adrian Mann, said: "Their plan is ambitious and straightforward, the way I like it. We will continue to co-operate fully with Mesco to help make this happen as expeditiously as possible. "After completing four diamond drill holes in March, 2013, to confirm the original Angkor results and collecting a metallurgical sample from a deep trench that also will serve as a portal to one of two planned exploratory winzes, Mesco Gold commissioned an environmental impact assessment. A bypass road around Syarung village is being made under Angkor supervision. Angkor Gold personnel have taken responsibility for government and local community relations. We seek Safe Harbor.