- Angkor Resources Corp. (ANK) completes an agreement for an Environmental Desilt/Alluvial Gold project
- The companies are to clean out sand/silt in the Malaguit River
- The 10-year permit allows the licensee to retain all revenue from sales of resource material, including sand and alluvial gold
- Lenders of Angkor’s involved subsidiary will receive a 12 per cent residual repayment
- Geologists indicate the Malaguit is one of several nearby rivers sitting on a gold plain
- Angkor Resources Corp. (ANK) is up 4.17 per cent trading at $0.12 per share as of 3:27 p.m. EST
Angkor Resources (ANK) has signed an agreement with KSA Quarrying & Aggregate Co for an Environmental Desilt/Alluvial Gold project in the Philippines.
A Canadian subsidiary of Angkor has been formed called Philippine Environmental Recovery Inc. (PERI) which will participate in a 50/50 profit share venture with KSA. The companies are to clean out sand/silt in the Malaguit River to provide marine passage and prevent flooding.
The 10-year permit allows the licensee to retain all revenue from sales of all resource material from the dredging operations for the river, including sand and alluvial gold.
Delayne Weeks, CEO of Angkor commented,
“The sand component makes the project quickly profitable, and the gold delivers a significant bonus… the sand portion will generate the base profit and the gold adds an attractive upside.”
Private lenders of the total $800,000 raised into PERI will receive their principal returned on a ‘first-cash out’ basis monthly before the parties take their equal share of proceeds.
Private lenders will receive a 12 per cent residual after principal repayment from PERI’s share of the proceeds.
Angkor will receive ongoing management fees based on profits and a portion of the initial raise for facilitating and managing the transaction.
The operation is a full sand-dredging with the gold-recovery plant.
Geologists indicate the Malaguit is one of several rivers sitting on a gold plain in the Paracale district which require significant amounts of desilting and sand removal.
Following the refurbishment and rebuild of specific components, sand sales will commence, and gold recovery will be added thereafter.
The project adds additional economic support and small business development opportunities for value-added products including cash crops, fish farms, fertile silt, magnetite, and water.
Angkor Resources Corp. (ANK) is up 4.17 per cent trading at $0.12 per share as of 3:27 p.m. EST.