Angkor Resources Corp. (TSX-V: ANK) (OTC: ANKOF) CEO Stephen Burega is pleased to report that it has signed an Earn-In Agreement on its Oyadao License with Canadian development company Hommy Oyadao Inc. to earn up to a 70% interest in Angkor’s Oyadao North License in exchange for payments totalling USD $4.6 million.
“We are very pleased to be working again with Hommy,” said Mike Weeks, Executive Chairman of Angkor. “They were excellent development partners on Banlung. The proximity of Oyadao to the development at Mesco’s Phum Syarung mine site (see press release dated June 25, 2018) is of great interest to us both and we are excited to pursue this initiative together.”
Dr. Adrian G. Mann, director of, and technical advisor to, Hommy Oyadao Inc., is optimistic about their immediate exploration plans for Oyadao: “Mesco’s Vertical Shaft is about 400 metres from our first drill target which is based on a strong EM conductor that coincides with the line of strike of their main vein. It’s a modest but aggressive program on which we can build.”
The Oyadao License is a 222 km2 area near the Vietnam border, running north and east of Mesco’s Phum Syarung mine site, the mineral rights of which were sold separately by Angkor to Mesco in 2013 and licensed in 2016 for $1.8 million US in cash, with Angkor retaining a sliding scale Net Smelter Return interest ranging from 2.0% to 7.5% on any gold production, as well as 7.5% of the value all other metals produced.
ABOUT THE HOMMY GROUP
Hommy Oyadao Inc. and Hommy 5 Resources Inc. are private companies based in Alberta, Canada. It is a family fund of Canadian investors experienced in the resource sector.
ABOUT ANGKOR RESOURCES CORP.
Angkor Resources Corp. is a public company, listed on the TSX-Venture Exchange, and is a leading mineral explorer in Cambodia with a large land package. In 2019 it added Block VIII, a 7,300 square kilometre oil and gas exploration license in Cambodia, to its exploration portfolio.
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