OZ sells Cambodian assets to Renaissance

February 20, 2012
AAP, The West Australian

Oz Minerals says it will sell its Cambodian gold assets to Rick Hart-chaired explorer Renaissance Minerals for $17.8 million in cash, shares and options.

Another $22.5 million will be paid if certain milestones are achieved, including if Renaissance Minerals decides to mine and when a producing goldmine is established.

OZ Minerals said it had concluded the project did not fit within its strategy in relation to gold in terms of size and its overall preference for mid-tier copper projects.

Oz Minerals' only producing asset, the Prominent Hill mine in South Australia, is due to end its mine life in 2018.

Southern Gold reducing Cambodian presence under deal with Mekong Minerals

Thursday, February 09, 2012
By Bevis Yeo
ProactiveInvestors.com.au (Australia)

Southern Gold will enjoy a free carry through three years of exploration expenditure up to US$5.7 million (A$5.3 million) at its Cambodian assets under a farm-in deal with Mekong Minerals, allowing it to focus on its Bulong Gold project in Western Australia.

Under the non-binding term sheet, Brisbane-based Mekong has the exclusive right earn up to 70% stake in Southern’s wholly-owned subsidiary Southern Gold Asia (SG Asia) by spending the funds.

This includes a minimum commitment of US$1 million to be spent within the first 12 months, the interests earned in SG Asia will be earned on a pro-rata basis for each US$1 million expended.

Should Mekong earn a 70% interest in SG Asia, it will have an exclusive 6 month option to acquire the remaining 30% for US$4.5 in cash or share equivalent upon its listing on the ASX.

Southern will retain a 1.5% net smelter royalty interest.

[Canada's] Shamika2Gold Executes Definitive Agreement to Acquire Gold and Ruby Licenses in Cambodia

Wednesday, Dec. 22, 2010
Sun Herald (Mississippi, USA)

MONTREAL -- Aultra Gold, Inc., operating internationally as Shamika2Gold (“Shamika”), has executed a definitive securities exchange agreement to acquire a concession of a gold and ruby exploration license in Cambodia. The area covered in the license is comprised of approximately 158 square miles in the Samlaut district adjacent to the famous Pailin ruby gem area. A Phase 1 & 2 Survey Report on the project was prepared by Terra Insight Services, Inc., a subsidiary of Terra Energy & Resource Technologies, Inc., suggesting potential resources of 1.5 million ounces of gold and 9,000 kilograms of rubies.

Upon consummation of the exchange, Shamika will acquire approximately 85% of the capital stock from the Mauritius holding company which, upon formation and contribution, will hold these mining rights in exchange for 57,000,000 shares of Shamika common stock and shares of Series B Performing Preferred Stock, entitling the holder to 45% of the net operating profit from the mining project. The closing is conditioned upon the formation of the holding company and subsequent contribution of the mining rights.

“This is a very important acquisition for Shamika and confirms the company’s strategy to acquire and develop international gold assets ready or close to production,” stated Robert Vivian, President and Chief Executive Officer.

DJ OZ Minerals Posts 605,000 Ounce Cambodian Gold Resource

MELBOURNE, Mar 17, 2010 (Dow Jones Commodities News) -- OZ Minerals Ltd. on Thursday posted an initial gold resource at its Okvau project in Cambodia of 650,000 ounces.

The miner said drilling carried out to date has identified a Joint Ore Reserves Committee-compliant inferred mineral resource of 8.1 million metric tons of ore at grades of 2.3 grams per ton for 605,000 ounces of gold.

OZ said the results have given it sufficient encouragement to continue with further exploration and the next phase will aim to identify the potential for more than 2 million ounces of gold in the Okvau district.

Based on the results, OZ said it remains confident of discovering more Okvau-style mineralization and adding to the current resource.

-By Alex Wilson, Dow Jones Newswires: 613-9292-2094; alex.wilson@dowjones.com

Southern Gold commences drilling program for 2009-2010 field season in Cambodia

Wednesday, December 02, 2009
Proactive Investors (Australia)

Diversified resources company Southern Gold has announced the commencement of drilling operations for the 2009‐2010 Field Season on the Snuol gold and base metals tenements in Cambodia.

The 2,500m program is testing the continuity of gold mineralisation intersected at the Anchor Prospect including 8m @ 5.9g/t gold (SNRC09) and at the nearby Oh Pok prospect and will also test several other prospects identified from soil and/or trenching results.

Managing director Stephen Biggins said the drilling operations were the first of an extensive program of diamond core and Reverse Circulation drilling that would be completed by Southern Gold on its Cambodian Projects over the next few months.

It is planned that drilling operations will be carried out utilising 2‐3 man portable diamond core drill rigs and 2 RC (multi‐purpose) drill rigs.

A soil sampling program completed last week on the Snoul tenement collected 895 samples to identify new gold and base metal anomalies which can be prioritised for trenching and/or drill testing.

This program will also include infill sampling of previously identified targets within the tenement.

A soil sampling program has also commenced on the Kratie South JV (JOGMEC) tenements, Preak Khlong and O’Kthung, with the aim of identifying new gold and base metal anomalies for trench and/or drill testing.

Drilling operations will commence shortly on the Kratie North and South JV tenements, which are located in the same intrusive related gold district as Oz Minerals Ltd’s Cambodian gold exploration projects.

Cambodia Exploration Update : Trenching and Drilling by JOGMEC JV Projects

Monday 27th April 2009
Announced by: SAU
The Age (Australia)

Current Exploration Highlights

• Multiple veins sets up to +900m long in trenching over gold soil anomaly,
• Big Toe Prospect (Kratie South JV)
• Gold mineralisation is consistent over 1.3km of trenching and open at both ends, Preak Khlong Prospect (Kratie South JV) ·Trenching and RC drilling completed over 3km x 1km gold/silver/lead soil anomaly, Oh Tron Prospect (Kratie North JV)

Currently awaiting results from:

• 660 metre Phase 1 RC drilling on Kratie North JV with JOGMEC
• 15 trenches on Kratie North for 2,600m
• 28 trenched in Kratie South for 4,700m

Click here to download the original PDF announcement including maps

Southern Gold Limited (ASX code "SAU") has completed its first exploration programme of the 2009 field season in Cambodia. A substantial program of drilling and trenching exploration work has been completed with a large number of assay results expected to be received in respect of this work during May.

Exploration on three of Southern Gold's seven tenements in Cambodia, is being fully funded by the Japanese Government-backed JOGMEC pursuant to a Joint Venture agreement whereby JOGMEC can fully fund exploration activity to a total of US$4.5 (~A$7) million over 3 years to earn a 51% interest in these tenements ­ Phnum Khtong (Kratie North Project), and two adjoining blocks, Preak Khlong and O'Kthung (Kratie South Project), all to the northeast of Phnom Penh.

All three tenements are to the northeast of Phnom Penh (Figure 4).

Japanese company finalizes Cambodian deal with Australian miner

Mon, 19 May 2008
DPA

Phnom Penh - State-owned Japan Oil, Gas and Metals National Corp has formally committed to invest 4.5 million dollars in a joint venture in Cambodia with the Australian gold-exploration company Southern Gold Ltd, the company said Monday. Adelaide-based Southern Gold said in a statement to the Australian Securities Exchange that the deal would accelerate exploration on three Cambodian gold and base-metal projects in the north-east of Cambodia.

The announcement confirmed a March letter of intent.

Under the now formal terms, the Japanese firm must spend a minimum of 1 million dollars on the projects over the next 12 months and would make a total investment of 4.5 million dollars over three years to earn a 51-per-cent interest in the three tenements, it said.

Southern Gold has previously posted promising gold and base-metal predictions on the three projects from early exploratory research.

The Japanese firm said its objectives in the deal were securing a stable supply of oil, natural gas, nonferrous metals and minerals for Japan and, if exploratory results were positive, the equity interest would be transferred to a private-sector Japanese company.

Southern Gold's other investors in the project include Chinese resource investor CITIC as well as Australia's Macquarie Bank Ltd.

Japanese Joint Venture plan with Southern Gold in Cambodia

Sydney, Mar 26, 2008 (RWE Aust Business News) The Japanese government organisation, JOGMEC, plans to fund accelerated exploration on three Cambodian gold and base metal projects under a Letter of Intent with Southern Gold.

JOGMEC (Japan Oil, Gas and Metals National Corp) and Southern Gold will JV over three of Southern Gold's Cambodian tenements.

JOGMEC will invest $US4.5 million ($4.94m) within three years to earn a 51 per cent interest in Phnum Khtong (Kratie North project) and two adjoining blocks, Preak Khlong and O'Kthung (Kratie South project).

The agreement includes an up-front payment to Southern Gold of approximately $US400,000 on signing of the LOI for current exploration costs, followed by a decision to proceed with a full joint venture on the Kratie North and/or the Kratie South Projects by June 2008.

The three tenements are among eight gold projects, wholly or majority owned, by Southern Gold under its strategy to establish a cornerstone gold business in Cambodia to compliment the Australian gold projects.