Toronto, Ontario--(Newsfile Corp. - June 5, 2018) - RosCan Minerals Corporation (TSXV: ROS) ("RosCan" or the "Company") is pleased to announce that the Company has entered into:
- an option agreement with SOLF SARL ("SOLF") to acquire a 100% interest in the 75 sq. km. Niala permit; and,
- a letter of intent with Minex SARL ("Minex") to acquire a 100% interest in the 16 sq. km. Mankouke permit.
In addition, RosCan completed option agreements with Touba Mining SARL ("Touba") to acquire to acquire a 100% interest in each of the Kandiole-North and the Kandiole-West permits (refer to news releases of January 18, 2018 and March 2, 2018).
Roscan's Kandiole Project (see map below or for a larger version visit our web site at http://www.roscan.ca) now consists of six permits and encompasses approximately 253 sq. km. of contiguous land located in the prolific gold prospective Birimian rocks of west Mali. The Kandiole Project is located east of B2Gold's Fekola mine and Iamgold's, Boto and Diakha deposits and north of Iamgold's Siribaya deposit.
RosCan's initial compilation of technical information for the Kandiole Project has identified several areas of immediate interest. An exploration program consisting of prospecting, mapping and sampling of the entire land position was designed with the objective of identifying areas for more detailed exploration, including drilling. Ground control for the mapping and field work will utilize updated satellite photographs. This exploration program has been on-going since early April and will continue until the seasonal rains, which are expected to start in early July. Exploration results will be released as received.
The exploration team is led by RosCan's President and CEO, Gregory Isenor, P.Geo, who has again 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, is highly experienced and has been very successful in working in this area and in this geological environment.
COMMENTARY
Mr. Isenor, stated, "I am extremely pleased that we have been able to acquire such a large and strategic land position in west Mali, an area we know well. I have just returned from Mali, where I visited all of the permits and many of the orpailleaur workings and I am extremely impressed with the potential of the area. These permits have impressive potential for the discovery of large gold deposits, as demonstrated by the many producing mines, new deposits and recent discoveries in the area. This is an area where we have excellent relationships and have had great success in the past.
Our exploration teams are in the field and doing an excellent job. Exploration to date has been positive and detailed gridding of soil and termite sampling is in progress in selected areas. Several sites of artisanal workings have also been identified and will be locations of immediate interest".
NIALA OPTION AGREEMENT
Key terms of the option agreement are:
- Pay SOLF $117,500, of which $12,500 was paid on signing and the balance of $105,000 is to be paid over a three (3) year period;
- Pay applicable permitting fees to the Direction Nationale de la Geological et des Mines (DNGM);
- Incur exploration expenditures of $205,000 over a three (3) year period;
- SOLF 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 (equivalent to a 1% NSR) for $500,000; and,
- During the three (3) year option period, RosCan shall be responsible for maintaining the permits in good standing and performing any and all obligations required by law.
MANKOUKE LETTER OF INTENT
Key terms of the option agreement are:
- Pay Minex $250,000, of which $40,000 was paid on signing and the balance of $210,000 is to be paid over a three (3) year period;
- Issue 1,000,000 RosCan common shares to Minex in four equal instalments;
- Incur exploration expenditures of $205,000 over a three (3) year period;
- Minex shall retain a 3% NSR on all ore mined from the property. RosCan has the right to purchase 66.67% of the NSR (equivalent to a 2% NSR) for US$1,000,000; and,
- During the three (3) year option period, RosCan shall be responsible for maintaining the Permits in good standing and performing any and all obligations required by law.
Kandiole Project - Land Position
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ABOUT ROSCAN
RosCan Minerals Corporation is a Canadian gold exploration company focussed on West Africa. The Company has assembled a land position of 100% owned permits in an area of large gold deposits for its Kandiole Project in west Mali. RosCan is also exploring the gold potential of the early exploration stage Dormaa Project in Ghana, in which RosCan can earn a 50% interest through an option agreement with Pelangio Exploration Inc.
For further information, please contact:
Greg Isenor
President and Chief Executive Officer
Tel: (902) 832-5555 or (416) 293-8437
Email: info@roscan.ca
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.
