Toronto, Ontario–(Newsfile Corp. – April 4, 2018) – RosCan Minerals Corporation (TSXV: ROS) (“RosCan” or the “Company“) is pleased to announce that RosCan has entered into an option agreement (the “Option Agreement”) with K. L. Mining SARL and K.A Gold Mining SARL (collectively, the “Optionor”) to acquire a 100% interest in the 65 sq. km. Segando-South and the 32 sq. km. Moussala-North permits (the “Permits”). Previously, RosCan entered into two Letter of Intents with Touba Mining SARL (“Touba”) to acquire to acquire a 100% interest in each of the Kandiole-North and the Kandiole-West permits (previously announced on January 18, 2018 and March 2, 2018).
With the acquisition of these additional Permits, RosCan’s Kandiole Project will consist of approximately 164 sq. km. of contiguous land located in the prolific gold prospective Birimian rocks of west Mali (see map below). The Kandiole Project is located east of B2Gold’s Fekola mine and Iamgold’s, Boto and Diakha deposits and north of the Siribaya deposit. RosCan’s initial compilation of technical information for the Kandiole Project has identified several areas of immediate interest. RosCan is continuing its efforts to acquire further permits in this region and anticipates completing such transactions in the coming weeks.
To view a larger image of this map please click HERE
WORK PROGRAM AND EXPLORATION TEAM
The initial compilation of data for the area, acquired to date, has been assessed and areas of primary interest have been identified. An exploration program consisting of prospecting, mapping and sampling of the entire land position has been designed to identify areas for more detailed exploration, including drilling. Ground control for the mapping and field work will utilize updated satellite photographs. It is anticipated that Touba field crews will begin work in the coming days.
The exploration team is led by RosCan’s CEO, Gregory Isenor, P.Geo, who has brought together his experienced West African exploration team consisting of: Jean-Marc Gagnon, P.Eng, MBA with 20 years of experience in West Africa; and, Touba Mining SARL. This team has worked together for almost 15 years and is highly experienced and successful in working in this area and the geological environment.
Greg Isenor, President and CEO of RosCan, stated, “We are building a land position in west Mali and we are extremely pleased to be back working in this area that we know well. This is an area where we have great relationships and where we have had great success in the past. These permits have impressive potential and are in an area of producing mines, new deposits and recent discoveries. In addition, we are presently negotiating to acquire additional permits in this area. The acquisition of these permits is in accordance with our stated objective of building a land position in an area having the potential for discovering large gold deposits. We are doing what we said we are going to do!”
Key terms of the Option Agreement are:
- Pay the Optionor US$400,000, of which $40,000 was paid on signing and the balance of $360,000 is to be paid over a three (3) year period (the “Option Period”);
- Incur exploration expenditures of US$165,000 over a three (3) year period;
- Optionor shall retain a 2% Net Smelter Return (the “NSR”) on all ore mined from the property. RosCan has the right to purchase 50% of the NSR for US$1,200,000;
- During the Option Period, RosCan shall be responsible for maintaining the Permits in good standing and performing any and all obligations required by law.
The technical content in this news release has been reviewed and approved by Gregory P. Isenor, P. Geo, a Qualified Person as defined by NI 43-101.
RosCan Minerals Corporation is a Canadian gold exploration company focussed on the acquisition of gold properties in West Africa. The Company is currently assembling a land position of 100% owned permits in an area of large gold deposits for its Kandiole Project in west Mali and, is also exploring the promising gold potential of the early exploration stage Dormaa Project in Ghana. RosCan is earning a 50% interest in the Dormaa Project from Pelangio Exploration Inc.
For further information, please contact:
President and Chief Executive Officer
Tel: (902) 832-5555 or (416) 293-8437
Email: [email protected]
Forward Looking Statements
This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company’s management’s discussion and analysis as filed under the Company’s profile at www.sedar.com. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.
Neither the 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.