Monday, July 20, 2009

Transol Corporation to receive cash in farmout of Cambodian projects [-Country for Sale ... courtesy of Hun Xen]

Monday, July 20, 2009
ProactiveInvestors.com (Australia)

A letter of intent has been signed by Transol Coporation (ASX: TNC) to joint venture on its Banlung and Oyadao gold and base metal projects in Cambodia.

The deal with Prairie Pacific Mining Corporation (unlisted) will result in Transol receiving US$1 million and maintain its free carried interest in the Banlung and Oyadao gold and base metal projects.

Prairie may earn a 51% equity, it must spend a total of US$2 million across both project areas within a 24 month period.

In addition, it must make cash payments to Transol of US$100,000 upon signing of the LOI and additional payments of US$900,000 in the following instalments:

- US$300,000 on 31 August 2009;
- US$300,000 on 30 November 2009; and
- US$300,000 on 28 February 2010

The deal will enable Transol to retain an exposure and upside to exploration on these projects while reducing risk and capital requirements.

Transol will maintain its 100% interest in the following projects within Cambodia:

- Mondulkiri Gold and Base Metal Project (62km2);
- Andong Bore Gold Project ( 363km2); and
- Mondulkiri Bauxite Project (823km2)

However, Transol is actively seeking partners on these projects and negotiations with interested parties are continuing.

1 comment:

Anonymous said...

acountability and transparency goes with all sectors in cambodia, not just oil and gas, even investment in other fields as well!