Angkor Gold Corp has terminated its earn-in exploration agreement with Blue River Resources on Angkor’’ wholly-owned Banlung licence, which includes the Okalla East and Okalla West prospects.
“Blue River has not met its obligations under the earn-in agreement,” said Angkor’s CEO Mike Weeks, “and as such Angkor has terminated the agreement on the Banlung licence effective immediately.”
As a result of the termination of the agreement, Blue River has earned no interest in or rights to the Banlung licence.
Angkor has five exploration licences in Cambodia totalling approximately 983 square kilometres. All licences were renewed earlier this year.
The company has earn-in and exploration agreements in place for several of Angkor's other licences. These include a US$3 million three year agreement with JOGMEC (Japan Oil, Gas and Metals National Corporation) on Angkor's 100% owned Oyadao South licence that commenced this year, and the recently announced US$2 million, two year exploration agreement with Australian-based gold company, Emerald Resources, on Angkor's wholly-owned Koan Nheak property in northeast Cambodia.
“Angkor is in great demand as a development partner in Cambodia,” continued Mike Weeks, “with excellent government relations, a large land package and long history in the country. While we are sorry to end our relationship with Blue River, we have numerous parties interested in our exploration licences and hope to explore several proposals for advancing Banlung in the near future.”