Angkor Gold Corp has raised US$2.75 million through the exercise of 5.5 million warrants with the funds be used in continuing exploration on some of the exciting Cambodian prospects the company has discovered.
The company says the warrant exercise enables it to finance without issuing any additional securities in what continues to be a difficult market for exploration companies to raise capital.
“Angkor’s team would like to thank the investors from China, Canada and the US who participated in the exercise of the warrants and appreciates their continued support,” said CEO Mike Weeks. “Our goal now is to build more value with this investment by advancing several projects towards development and production.”
Angkor intends to continue advanced exploration at the Katieng and Okalla prospects to extend the epithermal gold-silver vein formations and to pursue the further evaluation of a large gold anomaly discovered this season over the central gabbro, immediately west of Okalla porphyry.
It will also carry out further drilling on the CW molybdenum-copper porphyry prospect and will build a new camp and access road to the newly-discovered Halo molybdenum-copper porphyry prospect.
Angkor is pursuing joint-venture partnerships for these large porphyry prospects and Mike Weeks said, “This is a strategic time to look for development partners on these prospects. Securing expertise with development experience in molybdenum-copper is the prudent step to take.
Angkor’s key strength is its focus on exploration and project generation, and adding appropriate partners on specific prospects will enable us to maximize our value.”
Angkor’s seven exploration licences in the Kingdom of Cambodia, which the company has been actively exploring over the past six years, cover 1448sqkm. The company has covered all tenements with stream sediment geochemical sampling; has flown low level aeromagnetic surveys over most of the ground; drilled 20,789 metres of NQ core in 171 holes; and has collected in excess of 100,000 termite mound, and ‘B’ and ‘C’ zone soil samples in more than 20 centres of interest over a combined area of more than 100sqkm, in addition to numerous trenches and detailed geological field mapping.