ANGKOR GOLD CORP. (TSX-V:ANK) exercised 5.5 million warrants at $0.50 per common share in the capital of the Company for an aggregate total $2.75 million enabling the Company to finance without issuing any additional securities in what continues to be a difficult market for exploration companies to raise capital. “Angkor’s team would like to thank the investors from China, Canada, and US that participated in the exercise of the warrants and appreciates their continued support,” stated Mike Weeks, CEO. “Our goal now is to build more value with this investment by advancing several projects towards development and production.”
The money will be used in continuing exploration on some of the exciting prospects that the company has discovered. Angkor intends to:
-- continue advanced exploration at Katieng and Okalla to extend the
epithermal gold-silver vein formations
-- pursue further evaluation of a large gold anomaly discovered this season
over the central gabbro, immediately west of Okalla porphyry
-- further drilling on the CW molybdenum-copper porphyry prospect
-- build a new camp and access road to the newly-discovered Halo
molybdenum-copper porphyry prospect
Angkor is pursuing joint-venture partnerships for these large porphyry prospects. Weeks further commented, “This is a strategic time to look for development partners on these prospects. Securing expertise with development experience in molybdenum-copper is the prudent step to take. Angkor’s key strength is its focus on exploration and project generation, and adding appropriate partners on specific prospects will enable us to maximize our value.”
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 licenses 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 centers 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 leading explorer with a significantly large land package and a first-mover advantage with excellent relationships at all levels of Government (local to national).
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