TIDMALS
RNS Number : 4610W
Altus Strategies PLC
14 November 2017
Altus Strategies Plc / Index: AIM / EPIC: ALS / Sector:
Mining
NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES NOR FOR
DISSEMINATION IN THE UNITED STATES OF AMERICA
14 November 2017
Altus Strategies Plc
("Altus" or the "Company")
Altus and Legend Announce Extension to Letter of Intent
Altus Strategies Plc (AIM: ALS), the Africa focused exploration
project generator and Legend Gold Corp. ("Legend") (TSX.V: LGN)
together (the "Parties") announce that pursuant to the non-binding
letter of intent (the "LoI") signed by Altus and Legend on 10
October 2017, the Parties have extended the deadline for completion
of definitive documentation from 14 November 2017 to 20 November
2017.
The LoI sets out the terms and conditions pursuant to which
Altus will acquire the entire issued and outstanding common shares,
unexercised warrants and unexercised share purchase options of
Legend through an all-stock transaction, which is anticipated to be
completed by way of a Plan of Arrangement pursuant to the laws of
the province of British Columbia in Canada.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
For further information you are invited to visit the Company's
website www.altus-strategies.com or contact:
Altus Strategies Plc Tel: +44 (0)
Steven Poulton, Chief 1235 511 767
Executive E: info@altus-strategies.com
Matthew Grainger, Executive
Director
Greg Owen, VP Corporate
Development
SP Angel (Nominated Adviser) Tel: +44 (0)
Ewan Leggat / Richard 20 3470 0470
Morrison / Soltan Tagiev
SP Angel (Joint Broker) Tel: +44 (0)
Elizabeth Johnson / Richard 20 3470 0471
Parlons
Beaufort Securities (Joint Tel: +44 (0)
Broker) 20 7382 8300
Jon Bellis
Blytheweigh (Financial Tel: +44 (0)
PR) 20 7138 3204
Tim Blythe / Camilla Horsfall
/ Nick Elwes
Notes to editors:
About Altus Strategies Plc
Altus is a diversified and Africa focused project generator in
the natural resource sector. Through our subsidiaries we discover
new projects and attract third party capital to fund their growth,
development and ultimately exit optionality. This strategy enables
Altus to remain focused on the acquisition of new opportunities to
be fed into the project generation cycle and aims to minimise
shareholder dilution. Our business model is designed to create a
growing portfolio of well managed and high growth potential
projects which is diversified by commodity and by country. We aim
to position our shareholders at the vanguard of value creation, but
with significantly reduced risks traditionally associated with
investments in the mineral exploration sector.
The following is a summary of the Company's key projects:
Cameroon - Gold
The Company holds the 189km(2) Laboum gold exploration licence
in northern Cameroon through its 99% owned subsidiary Auramin Ltd.
At Laboum an approximately 18km and 5km wide long gold-bearing
shear zone has been discovered. In addition close to 1km of quartz
veins have been discovered with exposed widths of between 1m and
40m. High resolution ground geophysics and a concurrent gold in
soil survey are defining priority targets for a systematic
trenching programme. The Laboum licence hosts a number of artisanal
gold mining sites and grab samples have returned grades up to 24.50
g/t Au from quartz veins and 6.86 g/t Au from the sheared
metasedimentary rocks respectively.
Morocco - Copper
The Company holds the 60km(2) Agdz copper-silver exploration
licence in central Morocco through its 100% owned subsidiary
Aterian Resources Ltd. Five prospects have been defined to date,
the best of which retuned grades up to 8% Cu, 448 g/t Ag and 3.74
g/t Au. The project is located close to a number of operating
mines, notably the recently commissioned Bouskour Cu-Ag mine
located 14km NE of Agdz.
Ethiopia - Copper
The Company holds the 322 km(2) Tigray-Afar and Negash
copper-silver exploration licences ("Tigray-Afar") in northern
Ethiopia through its 100% owned subsidiary Altau Resources Ltd.
Tigray-Afar is subject to a memorandum of agreement with Japan Oil
Gas and Metals Corporation and comprises manto style copper-silver
mineralisation, forming lenses, pipes or veins. The Company also
holds the 412km(2) Daro exploration licence which targets VMS style
deposits in northern Ethiopia.
Cameroon - Bauxite
The Company holds the 601km(2) Birsok & Mandoum bauxite
exploration licences in central Cameroon through its 97.3% owned
subsidiary Aluvance Ltd. The Birsok & Mandoum licences are
subject to a joint venture agreement with ASX-listed Canyon
Resources Ltd. The project is within 10km of an operating rail line
to the port of Douala on the Atlantic Ocean.
Liberia - Gold
The Company holds the 639.6km(2) Bella Yella and 732km(2) Zolowo
gold exploration licences in north western Liberia through its 99%
owned subsidiary Auramin Ltd. Both licences target targeting
Archaean greenstone-hosted gold deposits. At Bella Yella a 7.5km
NE-SW striking gold in soil anomaly has been defined. A number of
artisanal gold workings have been discovered, from which rock chip
assay results have returned grades up to 233 g/t Au. Zolowo hosts a
33km long greenstone belt, a number of drainages from which host
significant artisanal alluvial workings.
Cameroon - Iron Ore
The Company holds the 400km(2) Bikoula & Ndjele iron ore
exploration licences in southern Cameroon through its 97.3% owned
subsidiary Aluvance Ltd. The project hosts an independent (JORC
2012 compliant), inferred mineral resource estimate comprising 46Mt
@ 44% Fe completed by Coffey Mining South Africa (Pty) Ltd in a
report entitled "Mineral Resource Estimation and Classification of
the Bikoula Iron Ore Project in Cameroon". The resource estimate is
from less than 25% of the 17km long target as identified from
airborne geophysics.
Morocco - Other
The Company holds 226km(2) across five exploration licence
throughout Morocco through its 100% owned subsidiary Aterian
Resources Ltd. The licences areas are prospective for zinc, lead,
copper, tin, tungsten and gold. Grades from these licences include
8.15% Pb, 4.48% Zn, 9.18% Cu and 9.61 g/t Au.
Glossary of Terms
The following is a glossary of technical terms:
"Archaean" means an early part of geological time dating from
<4,000 to 2,500 million years ago
"Artisanal" means local people conducting mining, often with
rudimentary equipment
"Au" means gold
"Assay" or "Assay results" means the analysis of minerals, rocks
and mine products to determine and quantify their constituent
parts
"Ag" means silver
"Cu" means copper
"Fe" means iron
"Pb" mean lead
"g/t" means grams per tonne
"Grade(s)" means the quantity of ore or metal in a specified
quantity of rock
"m" means metres
"Ma" means million years ago
"Moz" means millions of ounces
"Outcrop" means a visible exposure of rock that is in-situ and
has no covering of soil or vegetation
"Shear zone" means a zone in which rocks have been deformed by
lateral movement along parallel planes
"Quartz Vein" means a fracture which has been filled by quartz
and other minerals which have crystallised from mineralised
fluids
"Zn" means zinc
**ENDS**
This information is provided by RNS
The company news service from the London Stock Exchange
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