LANDORE RESOURCES
LIMITED
FURTHER UPDATE ON OPTION
AGREEMENT OVER MIMINISKA LAKE
AND KEEZHIK LAKE
PROPERTIES
London, United
Kingdom - 19 August 2024 - Landore Resources Limited
(AIM: LND) ("Landore Resources" or the
"Company"), further to its previous announcement of 3 July 2024 in
relation to the Option Agreement to dispose of a 100%
interest in its Miminiska Lake and Keezhik Lake properties in
the Thunder Bay Mining District, Northern Ontario
between Landore Resources Canada Inc.
("Landore") and Storm Exploration Inc. (TSX-V: STRM)
("Storm"), announces that it has agreed a rescheduling and
extension of up to 18 months in respect of the
remaining amount payable by Storm to Landore.
The remaining payments due to Landore are now
scheduled for receipt as follows*:
|
Payment
Date
|
Cash
|
Convertible
Cash**
|
|
20-Sep-2024
|
$262,500
|
$250,000
|
|
20-Mar-2025
|
Nil
|
$275,000
|
|
20-Mar-2026
|
$525,000
|
$787,500
|
Notes:
* - all amounts shown are in
Canadian dollars.
** - Storm can elect to make
Convertible Cash payments in cash or new Storm shares with the
number of shares to be determined by reference to the 30-day volume
weighted average price prior to the date of election.
All other details of the Option Agreement
remain unaltered and a further update will be provided in due
course as appropriate.
The Company's primary focus remains on the
further exploration and development of its 100% owned BAM Gold
Project, Northwest Ontario, Canada, on which a separate
progress update will be provided in the near term.
- ENDS -
For further
information, please contact:
Landore
Resources Limited
Alexander Shaw (CEO)
Tel: +44 (0)7799 005916
Strand Hanson
Limited (Nominated Adviser and Joint Broker)
James Dance/Matthew Chandler/Robert
Collins
Tel: 020 74093494
Novum
Securities Limited (Joint Broker)
Jon Belliss/Colin Rowbury
Tel: 020 73999402
Burson
Buchanan (Financial PR)
Bobby Morse
(landore@buchanancomms.co.uk)
Tel: 020 74665000
About Landore Resources
Landore Resources (AIM: LND) is the
100% owner of the highly prospective BAM Gold Project, Northwestern
Ontario, Canada, which has an NI 43-101 compliant resource estimate
of 1.5m oz Au (Indicated: 1.03m oz from 30.96Mt @ 1.0g/t; Inferred:
467,000oz from 18.3M/t @ 0.8g/t). Ontario is Canada's largest gold
producing province, and produced 3.9m oz, accounting for 41% of
Canada's total gold production in 2023. Landore Resource's
strategic objective is to crystallise value from BAM's last
estimated NPV of US$333.6m @ US$1,800/oz spot (from May 2022 PEA),
as well as generating additional value from its non-core portfolio
of precious and battery metals projects in eastern Canada and the
USA.
The information contained within this announcement is deemed
by the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018, as amended by virtue of the Market Abuse
(Amendment) (EU Exit) Regulations 2019.