Extension to due diligence period
Wednesday, March 13, 2019 7:00 AM
DIDCOT, UK / ACCESSWIRE / March 13, 2019 / Altus Strategies Plc (AIM: ALS & TSX-V: ALTS), the Africa focused exploration project generator, announces that it has granted ASX-listed Indiana Resources Ltd ("Indiana") a thirty day extension ("Extension") to the exclusivity period to now end on 6 May 2019, for completing due diligence on the Company's Lakanfla and Tabakorole gold projects ("Projects"). Lakanfla is located 6km southeast of the Sadiola gold mine in western Mali and Tabakorole is located in southern Mali.
The Extension is further to the announcement by the Company of 7 February 2019 in respect of the signing of a non-binding Terms Sheet for a joint venture ("JV") with Indiana on the Projects, whereby subject to entering a definitive agreement ("Agreement") with Altus, Indiana will have the option to earn up to an 85% interest in Legend Mali (BVI) II Inc., a wholly owned subsidiary of the Company and which holds a 100% interest in the Projects.
Indiana may earn its interest in the Projects by funding their exploration and development and in return the Company will receive milestone based cash and equity in Indiana, retain a 2.5% Net Smelter Return royalty on the Projects and be the operator of the JV during the initial earn-in periods. The Agreement remains subject to due diligence and other conditions precedent.
Cautionary note regarding historical data
Readers are cautioned that the data on Lakanfla and Tabakorole as referred to in this written disclosure is historical exploration data that has not been verified by a Qualified Person. Not all historical samples are available and Altus does not have complete information on the quality assurance or quality control measures taken in connection with the historical exploration results, or other exploration or testing details regarding these results. There has been insufficient exploration to define a current resource and the Company cautions that there is a risk further exploration will not result in the delineation of a current mineral resource. The historical data should therefore not be relied upon until the Company can confirm it.
The technical disclosure in this regulatory announcement has been read and approved by Steven Poulton, Chief Executive of Altus. A graduate of the University of Southampton in Geology (Hons), Steven Poulton also holds a Master's degree from the Camborne School of Mines (Exeter University) in Mining Geology. He is a Fellow of the Institute of Materials, Minerals and Mining and has over 20 years of experience in mineral exploration and is a Qualified Person under the AIM rules and National Instrument 43-101 Standards of Disclosure of Mineral Projects of the Canadian Securities Administrators.
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.
Glossary of Terms
The following is a glossary of technical terms:
"Au" means gold
"g/t" means grams per tonne
"m" means metres
For further information you are invited to visit the Company's website www.altus-strategies.com or contact:
Altus Strategies Plc
Steven Poulton, Chief Executive
Tel: +44 (0) 1235 511 767
E: [email protected]
SP Angel (Nominated Adviser)
Richard Morrison / Soltan Tagiev
Tel: +44 (0) 20 3470 0470
SP Angel (Broker)
Richard Parlons / Jonathan Williams
Tel: +44 (0) 20 3470 0471
Blytheweigh (Financial PR)
Tim Blythe / Camilla Horsfall / James Husband
Tel: +44 (0) 20 7138 3204
About Altus Strategies Plc
Altus is a London (AIM: ALS) and Toronto (TSX-V: ALTS) listed, diversified and Africa focused mineral exploration project generator. 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 and royalties, diversified by commodity and by country. Altus currently has eighteen projects in six commodities across six countries. 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.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this news release contain forward-looking information. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programmes on schedule and the success of exploration programmes. Readers are cautioned not to place undue reliance on the forward-looking information, which speak only as of the date of this news release.
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.
SOURCE: Altus Strategies Plc