Angkor Gold Corp. Acquires Transol Mining and Liberty Mining International to Increase Land Holdings and Acquire 100% Interest in all Concessions in Cambodia
Vancouver, British Columbia--(Newsfile Corp. - September 6, 2012) - ANGKOR GOLD CORP. (TSXV: ANK) (“ANGKOR”) is pleased to announce that it has acquired 100% ownership of its existing licenses and acquired 100% ownership of a new concession, Andong Meas.
The Acquisition results in two significant accomplishments. First, it adds 100% ownership of an entirely new 209-square kilometre concession known as Andong Meas. Second, Angkor previously held 90% of their initial 4 properties and this transaction results in Angkor acquiring the remaining 10% interests. Angkor now owns 100% in five concessions, namely Banlung, Banlung North, Oyadao, Oyadao South, and Andong Meas.
Mike Weeks, President and CEO of Angkor Gold Corp. stated, “This acquisition brings great value to Angkor. This further confirms our position that our exploration in Cambodia is a country play. And Andong Meas … What a great addition to our exploration portfolio! It is adjacent to two of our other properties; it extends and increases our deposits of mineralization, and it substantially increases our progress towards an economic deposit. I have witnessed multiple locations with hundreds of artisanal workings, and these guys don’t work the land in this manner unless they are finding gold. This has been confirmed with recent assays.”
The Andong Meas property is contiguous to the west and northwest of Angkor’s Oyadao license and has had considerable exploration work completed. Aeromagnetic surveys and geological satellite imagery indicate numerous anomalies. Andong Meas is also known to have a rich history of artisanal mining which has earned it the local name which translates to “Well of Gold”.
Recent trips into the concession have identified 4 major areas of interest. On Weeks’ recent trip to Cambodia, he observed a long adit, penetrating deep within the hill where locals had been mining the ore. Multiple exploration trenches were also noted in the area cutting across a vein system for several kilometers. On a second artisanal site, heavy equipment had been used to start a small open pit mine. Rock grab samples, reported by the previous owner Liberty Mining have yielded very encouraging results grading 2.09, 8.47, 24.6 and 76.9g/t Au. The third and fourth sites have similar evidence of workings.
Angkor plans to deploy men and establish a camp at the sites immediately. Weeks said, “The support from the local people who guided us into the sites is indicative of the results of our efforts to maintain exemplary social responsibility. Assays of the veins in the open pit and the mine shaft could give us drill-ready targets soon.”
More importantly, these new discoveries are merely a very small part in a sequence of a 25-kilometre arc of gold occurrences and anomalies, which starts in the new concession of Andong Meas. The anomalies and abundance of gold occurrences within the arc seem to be interrelated and form a very large system.
Dr. Adrian Mann, VP of Exploration, said: “Given the proximity of this property to our Oyadao Border prospects, the clear northwesterly trend shown in our soil geochemical surveys at Border prospect and the extensive veining in the artisanal pits and shafts, makes Andong Meas a logical acquisition."
Pictures of the artisanal workings can be viewed at www.angkorgold.ca/gallery.html
Angkor completed this acquisition (the “Acquisition”) through the purchase of all of the issued and outstanding shares of Liberty Mining International Pty Ltd. (“Liberty”) from Interactive Industrial Solutions Inc. (“IISI”) in exchange for cash in the amount of $200,000 and 4,250,000 common shares in the capital of Angkor. These shares will be voluntarily escrowed for 6 months.
IISI is an Alberta corporation owned by Michael Weeks, the President and CEO of Angkor. Liberty is an Australian corporation which owns Liberty Mining International Pty Ltd., a Cambodian subsidiary company, which owns a 10% interest in Angkor’s Banlung, Banlung North and Oyadao concessions. Liberty also owns Transol Mining and Exploration Pty Ltd., which owns 100% of the 209 square kilometre Andong Meas concession in Cambodia and a 10% interest in Angkor’s Oyadao South gold exploration property.
The Acquisition was previously announced in Angkor’s press release dated May 1, 2012.
The QP for this release, the technical portions of which he wrote and 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 over 40 years world-wide experience in mineral exploration and mining geology. Dr. Mann lives in Calgary, Alberta.
ANGKOR GOLD CORPORATION is a public company listed on the TSX-Venture exchange. The company has 5 exploration licenses in the Kingdom of Cambodia covering a total of 1348 km2 and 3 Memoranda of Understanding with the Ministry of Mines, Industry and Energy covering a further 1499 km2. The company has been actively exploring these concessions over the past 3 years, and has now covered all 8 tenements with stream sediment geochemical sampling, has flown low level aeromagnetic surveys over much of the ground, drilled 17,556 metres of NQ core in 143 holes, of which 8,815m in 66 holes were drilled this season; and has collected in excess of 20,000 ‘C’ zone soil samples in 8 centres of interest, over a combined area of 20km2.
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