Angkor Resources Closes Agreement FOR Second Cashflow Project, Philippines
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ANGKOR RESOURCES CLOSES AGREEMENT FOR SECOND CASHFLOW
PROJECT, PHILIPPINES
GRANDE PRAIRIE, AB, ( February 28, 2022) Angkor Resources Corp. (TSXV: ANK and OTC: ANKOF)
(“Angkor” or “the Company”) announces its completion of a definitive agreement for its J oint
Operation Agreement (JOA) with KSA Quarrying & Aggregate Co. Inc. (“KSA”) for an Environmental
Desilt/Alluvial Gold (“Desilt”) project in Philippines.
A Canadian subsidiary of Angkor has been formed called Philippine Environmental Recovery Inc .
(PERI) to participate in a 50/50 profit share venture with KSA to clean out sand/silt to provide marine
passage and prevent flooding in the Malaguit River. The 10-year permit allows the licensee to retain
all revenue from sales of all resource material from the dredging operations of the Malaguit River in
the Paracale district of the Philippines, including sand and alluvial gold.
Delayne Weeks, CEO of Angkor comments, “this is a leading ESG (Environmental, Social, Governance)
project for SE Asia. For Angkor, it meets all our criteria for investment in the resource sector and
KSA has a strong human resource team, so does not stretch our capabilities” . She continues to
describe the nature of the cashflow, “The sand component makes the project quickly profitable and
the gold delivers a significant bonus. Companies often shy away from alluvial gold because it is so
difficult to measure and determine a resource. However, in this case, the sand portion will generate
the base profit and the gold adds an attractive upside. Every stakeholder wins – the government,
the locals, the Company, the funders, and the environment.”
Highlights of the Transaction:
- Operation is a full sand-dredging with gold-
recovery plant, including rock stockpile
area, siltation ponds, clean water return
channel, on-site assay laboratory, finishing
equipment for dore bars, vehicles,
infrastructure, andaccommodation.
- Geologists from the Department of
Environmental and Natural Resources
(DENR), Mines and Geosciences Bureau,
(MGB), Philippines, indicate the Malaguit
is one of several rivers sitting on a gold plain in the Paracale district that require significant
amounts of desilting and sand removal. (Alex Aco, geologist MGB and Carlito Ausa, CP Geologist,
personal communication).
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- Long term sand buyers have completed testing and the sand surpasses requirements for both
base sand and construction sand. Buyers of the sand are completing public works projects for
the government over the upcoming ten years for reclamation and construction.
- Following the refurbishment and rebuild of specific components, sand sales will commence ,
and gold recovery will be added thereafter.
- The Versi Dredge can move up to 480 tonnes per hour of sand/silt. The wash/separation plant
can accommodate 150-200 tonnes per hour of product and is being expanded.
- The process uses only water and no chemicals of any kind for separation, defining the project
as a ‘no waste’ operation.
- The Project adds additional economic support and small business development opportunities
for value-added products including cash crops, fish farm, fertile silt, magnetite, and water.
- Significant environmental benefits include sand/silt removal resulting in reduced flooding and
displacement of persons and agriculture/food chain supply crops.
- Private lenders of the total $800,000 CAD raised into PERI will receive their principal returned
on a ‘first-cash out’ basis monthly before the parties take their equal share of proceeds. The
private lenders will receive a 12% residual after principal repayment from PERI’s share of the
proceeds.
- Angkor shall receive ongoing management fee s based on profits and a portion of the initial
raise for facilitating and managing the transaction.
KSA had just finished construction in February, 2020 when COVID and its restrictions caused the
operation to be placed in ‘care and maintenance’ until now. Repairs and refurbishment activities
are currently underway.
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Readers and investors should be aware that Angkor has not had a Qualified Person as defined by
National Instrument 43-101 (“NI 43-101”), to the site or verify any numbers provided in this Press
Release.
QUALIFIED PERSON
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 on site in Cambodia. He has not been to
the Philippine site and as such, he has not approved the technical disclosure in this document.
ABOUT ANGKOR RESOURCES CORP.
Angkor Resources Corp. is a public company, listed on the TSX- Venture Exchange, and is a leading
Canadian resource optimizer in SE Asia, with multiple licenses in Cambodia. In 2020, the company
received approval and initiated negotiations on terms of the first onshore Production Sharing
Contract (PSC) for Block VIII, a 7,300 square kilometre oil and gas license in Cambodia.
CONTACT:
Delayne Weeks, CEO
Telephone: +1 (780) 831-8722
Email: [email protected]
Website: http://www.angkorresources.ca or follow us on Twitter @AngkorResources
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 information set forth in this news release may contain forward-looking statements that involve substantial known and unknown
risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond
the control of the Company, including, but not limited to the potential for gold and/or other minerals at any of the Company’s properties,
the prospective nature of any claims comprising the Company’s property interests, the impact of general economic conditions, industry
conditions, dependence upon regulatory approvals, uncertainty of sample results, timing and results of future exploration, and the
availability of financing. Readers are cautioned that the assumptions used in the preparation of such information, although considered
reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking
statements.