SEXSMITH, Alberta, July 17, 2018 (GLOBE NEWSWIRE) -- Angkor Gold Corp. (TSXV:ANK) (OTC:ANKOF) (“Angkor” or “the Company”) President J.P. Dau is pleased to announce that Japan Oil, Gas and Metals Corporation (“JOGMEC”) and Angkor have increased the previously announced Phase 2 budget of USD $1 million on the Company’s Oyadao South licence (see Company press release dated February 8, 2018) with an additional USD $425,000 for a new total of USD $1.425 million to be spent in Phase 2 exploration.
The funds will be used to expand the regional program on the 235 km2 Oyadao South license and to further refine targets around the Halo copper porphyry where the Company previously successfully drilled into a mineralised copper porphyry system.
“We are very excited about this phase of the exploration program with JOGMEC as our partner,” said J.P. Dau, Angkor President. “The strategy for this phase remains focused on generating new targets relating to the intrusive systems on the property. We have a window during the wet season to focus our efforts on areas where we have previously identified extensive porphyry style alteration or geophysical anomalies which will be the target of future drilling.”
The additional to Phase 2 exploration program now includes:
- USD $425,000 in planned exploration expenditures;
- Additional regional exploration, including termite mound soil sampling programs over magnetic anomalies east and west and north of Halo; and,
- Geophysical surveys of new areas.
The new exploration program is expected to be completed before the end of August, 2018.
Angkor and JOGMEC previously announced they had entered into a Joint Exploration Agreement (“JEA”) to explore Angkor’s 100% owned Oyadao South license with a total investment of USD $3 million in exploration expenditures by JOGMEC over a 3 year period. The JEA gives JOGMEC the option right to acquire up to 51% of Angkor’s Oyadao South license.
The Company would also like to announce that Delayne Weeks will step down as VP Social Development for Angkor. Delayne Weeks is moving to a consulting role where she will continue to advise and help Angkor on an as-needed basis. As a direct result of the great programs Delayne Weeks has built for the Company, Angkor enjoys an exceptional track record in Cambodia of providing grassroots educational, social, health and economic development programs in the communities where we work and live. These have included health and dental clinics, clean water programs, English language and education programs, sanitation programs and community-based businesses and economic development programs.
“Delayne has played an invaluable role on our team over the several years,” said Angkor CEO Stephen Burega. “Her vision and deep interest in Cambodia’s social framework has elevated Angkor, which is regularly praised by the local and national governments in Cambodia as the ideal example of how companies should operate in the community.”
ABOUT JOGMEC
JOGMEC (the Japan Oil, Gas and Metals Corporation) was established in February 2004, following the integration of the former Japan National Oil Corporation with the Metal Mining Agency of Japan. It is an Independent Administrative Agency under the Japanese Ministry of Economy, Trade and Industry, with a mandate of investing in exploration minerals projects worldwide to help secure a stable supply of natural resources for Japanese industry. JOGMEC has a market capitalization of approximately CDN $10.4 billion (at April, 2018).
ABOUT ANGKOR GOLD CORP.
ANGKOR Gold Corp. is a public company listed on the TSX-Venture Exchange and is a leading mineral explorer in Cambodia with a large land package and a first-mover advantage building strong relationships with all levels of government and stakeholders.
Dennis Ouellette, B.Sc, P.Geo., is a member of The Association of Professional Engineers and Geoscientists of Alberta (APEGA #104257) and a Qualified Person as defined by National Instrument 43-101 (“NI 43-101”). He is the Company’s VP Exploration and has reviewed and approved the technical disclosure in this release.
On behalf of the Board,
Mike Weeks
Executive Chairman, Angkor Gold Corp.
CONTACT:
Stephen Burega, CEO
Telephone: (647) 515-3734
Email: sb@angkorgold.ca
Website: http://www.angkorgold.ca or follow us on Twitter @AngkorGold.
Neither 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.
Certain of the statements made and information contained herein may constitute “forward-looking information.” In particular references to the private placement and future work programs or expectations on the quality or results of such work programs are subject to risks associated with operations on the property, exploration activity generally, equipment limitations and availability, as well as other risks that we may not be currently aware of. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.