SOURCE: Angkor Gold Corporation

Angkor Gold Corporation

August 30, 2016 09:00 ET

CDC Grants Approval for the Phum Syrung Gold Mine

GRANDE PRAIRIE, AB--(Marketwired - August 30, 2016) - ANGKOR GOLD CORP. (TSX VENTURE: ANK) (OTC PINK: ANKOF) ("ANGKOR") is pleased to announce that the Council for the Development of Cambodia (CDC) has granted approval for the certificate of registration on Mesco's Phum Syrung mine. The council consists of all 26 Ministries in Cambodia and is chaired by the Prime Minister. As this process has been formalized and endorsed by the country's leaders, the issuing of the full mining license shall now be completed by the Minister of Mines and Energy (MME).

H.E. Ly Thuch, Senior Minister, welcomed the good news and commented, "This represents a major step in developing the resources of Cambodia that will bring value to the entire country. Taxes and royalties from this mine will contribute to health care, education and poverty reduction."

"A milestone in Cambodia, this first commercial underground mining license has undergone significant scrutiny and review as Ministries in the Kingdom of Cambodia strive to implement internationally-recognized best practices for a mining sector," stated Mike Weeks, CEO of ANGKOR.

Week's continued, "The timeframe from exploration and proving economic quantity through to licensing has been approximately five years which is remarkable given the 15-20 year averages experienced in many international mining jurisdictions. The development time here makes Mesco's Phum Syarung mine a huge success by my estimation."

"We look forward to a final approval of the mining license by the Minister of Mines and Energy," stated John-Paul Dau, VP of Operations for ANGKOR. "Many international investors and sector participants have been eagerly awaiting these final steps towards building a viable and productive mining sector in Cambodia," he concluded.

ANGKOR has also retained Trapeze Capital Corp. to provide market-making services in accordance with TSX Venture Exchange ("TSX-V") policies. Under the terms of the agreement between the Corporation and Trapeze dated August 29, 2016 (the "Agreement"), Trapeze will receive compensation of $5,500 per month plus GST and will not receive any Common Shares or options of the Corporation as compensation. However, Trapeze and its clients may have or may acquire a direct interest in the securities of the Corporation. ANGKOR and Trapeze are unrelated and unaffiliated entities; Trapeze is a member of the Investment Industry Regulatory Organization of Canada, a participating organization of TSX and a member of TSX-V. The capital and securities required for any trade undertaken by Trapeze as principal will be provided by Trapeze. The Agreement is for a term of six months and will automatically renew for additional six month periods unless terminated by the Corporation.

ABOUT ANGKOR GOLD CORP.

ANGKOR's six exploration licenses in the Kingdom of Cambodia cover 1,352 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 and has flown low level aeromagnetic surveys over most of the ground. ANGKOR has drilled 21,855 metres of NQ core in 190 holes, and has collected in excess of 110,000 termite mound, 'B' and 'C' zone soil samples in over 20 centres of interest over a combined area of over 140km2, in addition to numerous trenches and detailed geological field mapping. Exploration on all tenements is ongoing.

ANGKOR Gold Corp. is a public company listed on the TSX-Venture Exchange and is Cambodia's premier mineral explorer with a significantly large land package and a first-mover advantage building strong relationships with all levels of government and stakeholders.

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.

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    ANGKOR GOLD CORP.
    Stephen Burega
    VP of Corporate Development
    Telephone: (647) 515-3734
    Email: sb@angkorgold.ca
    Or our website at: http://www.angkorgold.ca or follow us @AngkorGold for all the latest updates