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There were some companies that saw their stocks make notable gains yesterday, and many of those are going to be in focus today. One of those was Angkor Resources Corp. (OTCQB:ANKOF) (TSX.V:ANK). The stock went up 11.11% to C$0.10 following a key announcement, and the trading volume touched 175,000 in Canada.
The company came into focus yesterday after it announced that it had entered into a Joint Exploration and Development Agreement (JEDA) with Dubai-based Almighty Natural Resources Ltd. Almighty is currently involved in a range of mining projects in South Africa, Zambia, India, and Cambodia. The company noted that the aim of the agreement was to advance exploration for copper and gold production permits on two of Angkor Resources Corp’s mineral licenses in the country of Cambodia.
As per the JEDA, the properties that are going to be under its purview are the Andong Meas license and the Oyadao North license, in addition to all mineral claims under those licenses. Both of those licenses are situated in Ratanakiri Province. The company would get a non-refundable, upfront payment to the tune of $150,000.
Almighty Natural Resources would make a 100% contribution towards the costs of production, production permit application, mine construction, feasibility, and exploration. Over the next 48 months, Almighty made a commitment to spend $4 million on properties through production, exploration, and development activities.
As per the provisions of the agreement, Angkor Resources Corp. would continue to maintain a carried interest of 20% in the projects. It would also get the option to turn its interest to a 5% net smelter royalty following the mining production permit issuance.
Last but not least, the company would be the designated operator of the licenses and would collaborate with Almighty regarding all the different aspects of the process, including the work on feasibility studies and production permits.
