Roscan Gold Corporation
Roscan Gold Enters into Binding LOI to Make Strategic Acquisition of Adjoining Dabia Sud Property from Komet Resources
DGAP-News: Roscan Gold Corporation
/ Key word(s): Miscellaneous
Toronto, Ontario–(Newsfile Corp. – May 11, 2020) – Roscan Gold Corporation (TSXV: ROS) (FSE: 2OJ) (“Roscan” or the “Company”) is pleased to announce that it has entered into a binding Letter of Intent (“LOI”) pursuant to which it will, through its wholly owned Malian subsidiary, acquire 100% of the issued and outstanding shares of Komet Mali SARL, a wholly owned subsidiary of Komet Resources Inc. (“Komet”) Komet Mali SARL owns the Dabia Sud Project, including 35km2 of concessions with highly prospective exploration potential directly adjoining our Kandiole Property. (Figure 1) Acquisition Highlights
Figure 1: Location Map of Dabia Sud Property with Roscan and Oklo Resources To view an enhanced version of this graphic, please visit: Based on the binding LOI, the terms of the transaction are as follow:
It is anticipated that the Purchase Shares will be subject to a voluntary hold period for 6 months after the Closing Date. It is also expected that Komet will enter into a voting trust agreement with Roscan pursuant to which it will agree to vote the Purchase Shares in favour of management’s recommendations. The transaction remains subject to customary conditions including the entry into a definitive agreement, completion of satisfactory due diligence and receipt of TSXV approval. Closing of the transaction is required before May 21, 2020. The Agreement, which is arm’s-length, was signed on 23rd April 2020 and there are no finder-fees. Nana Sangmuah, President and CEO, stated, “We are delighted to work towards consolidating a key asset in this prolific mining district at a very attractive price for our shareholders. This acquisition will add an attractive mineral resource stage expansion portfolio with an extensive exploration data base which can’t be understated. This provides an opportunity for Roscan to achieve new discoveries and delineate new resources in the Dabia Project. The Company is in an excellent financial position to maximize the value of this to be acquired asset and our highly prospective land package in Mali.” Robert Wares, President and Chairman of Komet Resources, stated: “This transaction will provide our shareholders with exposure to a well-managed and successful precious metal company in Mali. With a strong operating history, solid balance sheet and significant experience, Roscan’s management team is well-positioned to fund and continue to advance the project. The proceeds from this transaction will allow Komet to restructure and proceed with exploration programs in Eastern Canada.” The Dabia Sub Property Contains 3 main areas of focus:
Kabaya Project (Source Komet’s NI43-101) The historical estimate is based on optimized pit shells using a gold price of US$1,350 and a presumed heap leach gold recovery of saprolite material.
Table 1: Pit Constraint Historical Estimate
Based on the Disclosure of Historical Estimate of NI43-101, Section 2.4
Figure 2: Typical Section View of the Kabaya Resource Block Model. (Source Komet’s NI43-101) To view an enhanced version of this graphic, please visit: Walia and Disse In the period 1997-2000, Ashanti Mali SA performed permit scale soil geochemistry surveys. In 2007, Robex repeated the permit scale soil sampling program and identified the Kabaya, Disse and Walia gold zones. In 2007, Robex completed 5 trenches on the Walia gold target which are located on the northern portion of the property. The 5 trenches accounts for 777 meters of sampling. Based on the geochemistry it is noted that some of the greater than 250ppb gold results would warrant follow-up. Qualified Person The scientific and technical data contained in this news release was approved by Greg Isenor, P.Geo., a non-independent “qualified person” under the National Instrument 43-101 Standards of Disclosure of Mineral Projects. About Roscan For further information, please contact: Andrew J. Ramcharan, P.Eng Greg Isenor, P.Geo Forward Looking Statements Neither the 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. To view the source version of this press release, please visit https://www.newsfilecorp.com/release/55678 Click on, or paste the following link into your web browser,to view the associated documents http://www.newsfilecorp.com/release/55678News Source: Newsfile
11.05.2020 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |
Language: | English |
Company: | Roscan Gold Corporation |
Canada | |
ISIN: | CA77683B1076 |
EQS News ID: | 1041603 |
End of News | DGAP News Service |