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In a significant development for the mining sector in Cambodia, Angkor Resources Corp. has announced the successful completion of the sale of its mineral rights for the Oyadao North license. This transaction represents a strategic move for the company as it focuses on its core projects in the region.
The agreement to sell the Oyadao North license was first announced on June 26. Although the process experienced some delays, Angkor Resources has received a final payment of $325,000 USD from Almighty Natural Resources, thereby completing the transfer of rights associated with the license.
Additionally, Angkor will earn a 4% Net Smelter Royalty from any minerals extracted from this site, ensuring ongoing benefits from the transaction.
Table of Contents:
The evidence
The completion of the sale signifies a financial gain for Angkor Resources and highlights the company’s commitment to effective asset management. As part of the agreement, the company has formally notified the Ministry of Mines and Energy about the transfer of mineral rights, adhering to regulatory requirements.
Involvement of Hommy Resources Ltd.
In this transaction, Hommy Resources Ltd., which holds a 30% stake in the Oyadao North property, opted to convert its interest into shares of Angkor Resources. This decision allowed them to participate in the shares-for-debt arrangement, announced on September 23. Consequently, Hommy received 542,857 common shares of Angkor as part of this agreement, showcasing a collaborative approach to financial restructuring.
The implications
With the finalization of the Oyadao North license transfer, Angkor Resources is set to concentrate on its primary projects, notably the Block VIII onshore oil and gas exploration and its remaining mineral licenses: Andong Meas located in Ratanakiri, and Andong Bor, which spans Oddar Meanchey and Banteay Meanchey provinces. The company remains committed to advancing these projects, which are vital to its overall growth strategy.
Angkor Resources has positioned itself as a key player in the Cambodian resource sector, leveraging its experience and expertise to explore energy solutions. The company’s subsidiary, EnerCam Exploration Ltd., has been actively engaged in oil and gas production and is also involved in carbon capture initiatives in Saskatchewan, Canada. This diversification aligns with Angkor’s vision of contributing to cleaner energy solutions while addressing environmental concerns.
What happens next
Angkor Resources Corp. is a publicly traded entity on the TSX-Venture Exchange, recognized for its innovative approaches in resource optimization. Its Cambodian mineral subsidiary, Angkor Gold Corp., operates with multiple exploration licenses focusing on copper and gold prospects, while EnerCam Resources oversees oil and gas licenses, including the expansive 7300 square kilometers of Block VIII. This commitment to exploration underscores Angkor’s mission of uncovering and proving the viability of commercial oil and gas resources in the region.
The completion of the Oyadao North license sale marks a pivotal moment for Angkor Resources, enabling the company to channel its efforts into promising projects while ensuring that it benefits from ongoing mineral extraction at Oyadao North. The strategic moves made by Angkor illustrate its resilience and adaptability in a competitive sector.
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