GRANDE PRAIRIE, AB – TheNewswire - February 28, 2022 - Angkor Resources Corp. (TSXV:ANK) and (OTC:ANKOF) (“Angkor” or “the Company”) announces its completion of a definitive agreement for its Joint Operation Agreement (JOA) with KSA Quarrying & Aggregate Co. Inc. (“KSA”) for an Environmental Desilt/Alluvial Gold (“Desilt”) project in Philippines.

A Canadian subsidiary of Angkor has been formed called Philippine Environmental Recovery Inc. (PERI) to participate in a 50/50 profit share venture with KSA to clean out sand/silt to provide marine passage and prevent flooding in the Malaguit River. The 10-year permit allows the licensee to retain all revenue from sales of all resource material from the dredging operations of the Malaguit River in the Paracale district of the Philippines, including sand and alluvial gold.  

Delayne Weeks, CEO of Angkor comments, “this is a leading ESG (Environmental, Social, Governance) project for SE Asia.  For Angkor, it meets all our criteria for investment in the resource sector and KSA has a strong  human resource team, so does not stretch our capabilities”.  She continues to describe the nature of the cashflow, “The sand component makes the project quickly profitable and the gold delivers a significant bonus.  Companies often shy away from alluvial gold because it is so difficult to measure and determine a resource.  However, in this case, the sand portion will generate the base profit and the gold adds an attractive upside.  Every stakeholder wins – the government, the locals, the Company, the funders, and the environment.”

Highlights of the Transaction:                               

• Operation is a full sand-dredging with gold-recovery plant, including rock stockpile area, siltation ponds, clean water return channel, on-site assay laboratory, finishing equipment for dore bars, vehicles, infrastructure, andaccommodation. 

• Geologists from the Department of Environmental and Natural Resources (DENR), Mines and Geosciences Bureau, (MGB),  Philippines,  indicate the Malaguit is one of several rivers sitting on a gold plain in the Paracale district that require significant amounts of desilting and sand removal.  (Alex Aco, geologist MGB and Carlito Ausa, CP Geologist, personal communication). 

• Long term sand buyers have completed testing and the sand surpasses requirements for both base sand and construction sand.  Buyers of the sand are completing public works projects for the government over the upcoming ten years for reclamation and construction.  

• Following the refurbishment and rebuild of specific components, sand sales will commence, and gold recovery will be added thereafter.  

• The Versi Dredge can move up to 480 tonnes per hour of sand/silt.  The wash/separation plant can accommodate 150-200 tonnes per hour of product and is being expanded. 

• The process uses only water and no chemicals of any kind for separation, defining the project as a ‘no waste’ operation.  

• The Project adds additional economic support and small business development opportunities for value-added products including cash crops, fish farm, fertile silt, magnetite, and water. 

• Significant environmental benefits include sand/silt removal resulting in reduced flooding and displacement of persons and agriculture/food chain supply crops. 

• Private lenders of the total $800,000 CAD raised into PERI will receive their principal returned on a ‘first-cash out’ basis monthly before the parties take their equal share of proceeds.  The private lenders will receive a 12% residual after principal repayment from PERI’s share of the proceeds.   

• Angkor shall receive ongoing management fees based on profits and a portion of the initial raise for facilitating and managing the transaction.  

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KSA had just finished construction in February, 2020 when COVID and its restrictions caused the operation to be placed in ‘care and maintenance’ until now.  Repairs and refurbishment activities are currently underway.  

Readers and investors should be aware that Angkor has not had a Qualified Person as defined by National Instrument 43-101 (“NI 43-101”), to the site or verify any numbers provided in this Press Release.  

QUALIFIED PERSON

Dennis Ouellette, B.Sc, P.Geo., is a member of The Association of Professional Engineers and Geoscientists of Alberta (APEGA #104257) and a Qualified Person as defined by National Instrument 43-101 (“NI 43-101”). He is the Company’s VP Exploration on site in Cambodia.  He has not been to the Philippine site and as such, he has not approved the technical disclosure in this document.

ABOUT ANGKOR RESOURCES CORP.

Angkor Resources Corp. is a public company, listed on the TSX-Venture Exchange, and is a leading Canadian resource optimizer in SE Asia, with multiple licenses in Cambodia.  In 2020, the company received approval and initiated negotiations on terms of the first onshore Production Sharing Contract (PSC) for Block VIII, a 7,300 square kilometre oil and gas license in Cambodia.

CONTACT:

Delayne Weeks, CEO

Telephone: +1 (780) 831-8722

Email: da@angkorgold.ca

Website: http://www.angkorresources.ca  or follow us on Twitter @AngkorResources

Neither 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.

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to the potential for gold and/or other minerals at any of the Company’s properties, the prospective nature of any claims comprising the Company’s property interests, the impact of general economic conditions, industry conditions, dependence upon regulatory approvals, uncertainty of sample results, timing and results of future exploration, and the availability of financing.  Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.