JOGMEC Increases Phase 2 Funding For Angkor’s Oyadao South Project To USD $1.425 Million
JOGMEC Increases Phase 2 Funding For
Angkor’s Oyadao South Project To USD $1.425
Million
Sexsmith, AB, ( July 17 2018): Angkor Gold Corp. (TSXV: ANK and OTC: ANKOF)
(“Angkor” or “the Company”) President J.P. Dau is pleased to announce that Japan
Oil, Gas and Metals Corporation (“JOGMEC”) and Angkor have increased the previously
announced Phase 2 budget of USD $1 million on the Company’s Oyadao South licence
(see Company press release dated February 8, 2018) with an additional USD $425,000
for a new total of USD $1.425 million to be spent in Phase 2 exploration.
The funds will be used to expand the regional program on the 235 km2 Oyadao South
license and to further refine targets around the Halo copper porphyry where the Company
previously successfully drilled into a mineralised copper porphyry system.
“We are very excited about this phase of the exploration program with JOGMEC as our
partner,” said J.P. Dau, Angkor President. “The strategy for this phase remains focused
on generating new targets relating to the intrusive systems on the property. We have a
window during the wet season to focus ou r efforts on areas where we have previously
identified extensive porphyry style alteration or geophysical anomalies which will be the
target of future drilling.”
The addition to the Phase 2 exploration program now includes:
1. USD $425,000 in planned exploration expenditures;
2. Additional regional exploration, including termite mound soil sampling programs
over magnetic anomalies east and west and north of Halo; and,
3. Geophysical surveys of new areas.
The new exploration program is expected to be completed before the end of August,
2018.
Angkor and JOGMEC previously announced they had entered into a Joint Exploration
Agreement (“JEA”) to explore Angkor’s 100% owned Oyadao South license with a total
investment of US D $3 million in exploration expenditures by JOGMEC over a 3 year
period. The JEA gives JOGMEC the option right to acquire up to 51% of Angkor’s Oyadao
South license.
The Company would also like to announce that Delayne Weeks will step down as VP
Social Development for Angkor. Delayne Weeks is moving to a consulting role where she
will continue to advise and help Angkor on an as-needed basis. As a direct result of the
great programs Delayne Weeks has built for the Company, Angkor enjoys an exceptional
track record in Cambodia of providing grassroots educational, social, health and
economic development programs in the communities where we work and live. These
have included health and dental clinics, clean water progra ms, English language and
education programs, sanitation programs and community -based businesses and
economic development programs.
“Delayne has played an invaluable role on our team over the several years,” said Angkor
CEO Stephen Burega. “Her vision and deep interest in Cambodia’s social framework has
elevated Angkor , which is regularly praised by the local and national governments in
Cambodia as the ideal example of how companies should operate in the community.”
ABOUT JOGMEC
JOGMEC (the Japan Oil, Gas and Metals Corporation) was established in February 2004,
following the integration of the former Japan National Oil Corporation with the Metal
Mining Agency of Japan. It is an Independent Administrative Agency under the Japanese
Ministry of Economy, Trade and Industry, with a mandate of investing in exploration
minerals projects worldwide to help secure a stable supply of natural resources for
Japanese industry. JOGMEC has a market capitalization of approximately CDN $10.4
billion (at April, 2018).
ABOUT ANGKOR GOLD CORP.
ANGKOR Gold Corp. is a public company listed on the TSX -Venture Exchange and is a
leading mineral explorer in Cambodia with a large land package and a first -mover
advantage building strong relationships with all levels of government and stakeholders.
Dennis Ouellette, B.Sc, P.Geo., is a member of The Association of Professional
Engineers and Geoscientists of Alberta (APEG A #104257) and a Qualified Person as
defined by National Instrument 43-101 (“NI 43-101”). He is the Company’s VP Exploration
and has reviewed and approved the technical disclosure in this release.
On behalf of the Board,
Mike Weeks
Executive Chairman, Angkor Gold Corp.
CONTACT:
Stephen Burega, CEO
Telephone: (647) 515-3734
Email: [email protected]
Website: http://www.angkorgold.ca or follow us on Twitter @AngkorGold.
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.
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