The Asia Miner

OCT-DEC 2016

The ASIA Miner - Reporting Important Issues to Mining Companies in the Asia Pacific Region

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Page 34 of 75

Volume 13 • Issue 4 | 2016 | ASIA Miner | 33 Cambodia THE Council for the Development of Cambodia (CDC) has approved the certifi- cate of registration for Mesco Gold's Phum Syarung gold mine in Ratanakiri Province . With the process endorsed by Cambodia's leaders, issuing of the full mining licence will now be completed by the Minister of Mines and Energy (MME) . The CDC consists of all 26 Ministries in Cambodia and is chaired by the Prime Minister . Senior Minister HE Ly Thuch said, "This represents a major step in developing the resources of Cambodia that will bring value to the entire country . Taxes and roy- alties from this mine will contribute to health care, education and poverty reduction . " Angkor Gold has a JV agreement with Mesco covering Angkor's Oyadao North concession which is near Phum Syarung, as well as a net smelter royalty covering the mine . Of the approval, Angkor CEO Mike Weeks said, "A milestone in Cambodia, this first commercial underground mining licence has undergone significant scrutiny and review as Ministries in Cambodia strive to implement internationally recognised best practices for the mining sector . "The timeframe from exploration and prov- ing economic quantity through to licensing has been approximately five years, which is remarkable given the 15-20 year averages experienced in many international mining ju- risdictions . The development time in Cam- bodia makes Mesco's Phum Syarung mine a huge success by my estimation . " "We look forward to a final approval of the mining licence by the Minister of Mines and Energy," said Angkor's VP of opera- tions John-Paul Dau . "Many international investors and sector participants have been eagerly awaiting these final steps towards building a viable and productive mining sec- tor in Cambodia . " Angkor recently announced a brokered private placement aimed at raising C$1 . 5 million . The company engaged Gravitas Securities to complete the placement to fund Angkor's operations and exploration activities with respect to its licence package covering 1352sqkm across six licences in northeast Cambodia . "We are thrilled to be working with the Gravitas team," said Mike Weeks . "Their previous successes with other companies gave us the confidence that they were the right partner for Angkor, and we are excit- ed by the extensive strategic network they bring to the table . " The company intends to use the net pro- ceeds to fund acquisition of new land ten- ements, the 2016-17 work season with a primary focus on Andong Meas and Koan Nheak tenements, and general working capital . Green light Green light for Phum Syarung mine for Phum Syarung Green light for Phum Syarung mine mine One of three adits at the Phum Syarung gold mine in northeast Cambodia . RENAISSANCE Minerals and Emerald Resources have entered into a Bid Implementation Agreement with the aim of merging . Emerald intends acquiring all issued shares of Renaissance that it does not already own by way of an off-market takeover offer . Based on Emerald's closing share price of 4 . 5 cents on the ASX on July 15, 2016, the offer values Renaissance at approximately A$40 million or 7 . 0 cents per share . The Emerald proposal has been unanimously recommended by all of the directors of Renaissance, other than Ross Williams, who is also a director of Emerald and abstains from making a recommendation . The merger follows a joint venture between the two covering the Cambodian Gold Project of Renaissance. It creates a mid-tier gold company which is well positioned for continued project expansion and development and further opportunities. The project in eastern Cambodia comprises the Okvau and adjoining O'Chhung explora- tion licences covering about 400sqkm . It includes a 1 . 13 million ounce gold resource estimate at Okvau deposit with substantial exploration and project generation poten- tial . Renaissance has completed a prefeasibility study for a single open pit containing 829,000 ounces at 2 . 2 grams/tonne gold and a definitive feasibility study is under way. Emerald chairman Simon Lee will be chairman of the board of the combined group while Emerald managing director Morgan Hart will be the combined group's managing director . Renaissance manag- ing director Justin Tremain will be offered a position as executive director on the board of the combined group, which will retain long- term knowledge of the Cambodian project. Renaissance chairman Hamish Halliday said, "Having developed a strong partnership with Emerald following the successful joint ven- ture of the Cambodian Gold Project, this merger represents a natu- ral progression for both companies and provides a robust corporate platform for the development of the Okvau deposit . A successful merger will create an emerging gold producer with a highly creden- tialed management team, a strong balance sheet and a company very well positioned to deliver growth for all shareholders . " Emerald chairman Simon Lee said, "We are aligned with the Re- naissance Board's assessment of the strong potential of this ad- vanced development gold project with an excellent exploration up- side. The merger formalises this position and simplifies the process of enhancing the value of this project. I look forward to Justin's con- tribution to our highly experienced Board and management team to achieve this objective." Renaissance and Emerald to merge

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