MONTREAL, Aug. 15, 2017 /CNW Telbec/ - ALGOLD
RESOURCES LTD. (TSXV: ALG) – ("Algold" or the
"Corporation") is pleased to announce that the Mauritanian
Council of Ministers has issued a formal decree granting a 30-year
mining license for Algold's Tijirit project. This decree formalizes
the Mauritanian Ministry of Oil, Energy and Mines consent to the
grant, as previously announced by Algold on June 12, 2017.
"This milestone is a significant achievement for
both Mauritania and Algold. It is an important step in
our growth plan for Tijirit, as well as for the development of
other deposits within the licensed area, which extends over some
300 square kilometers," said François Auclair, Chief Executive
Officer, Algold. "We are very grateful for the
Government of Mauritania's ongoing strong support of
Algold as demonstrated by the formal grant of the 30-year mining
license. This is an important endorsement by the Government of
Mauritania for Algold."
"In less than 18 months, Algold has successfully acquired a
highly prospective property, completed several rounds of financing
to raise over $20 million, including
$3.7 million from Mauritanian
partners, built a growing exploration camp, carried out 45,000
meters of drilling in three phases, filed a NI 43-101
compliant resource report and received the formal grant of a
30-year mining lease from the Government of Mauritania," said Algold
Chairman Benoit La Salle. "Algold has made
significant progress in a short period of time and we plan to
continue to build on this success with a focus on execution
and results."
ABOUT ALGOLD
Algold Resources Ltd. is focused on the exploration and
development of gold deposits in West
Africa. The board of directors and management team are
seasoned resource industry professionals with extensive experience
in the exploration and development of world-class gold projects in
Africa.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
For further information, please contact:
Algold Resources Limited.
1320 Graham Blvd., Suite
132, Town of Mont-Royal, Quebec,
H3P 3C8, www.algold.com
SOURCE Algold Resources Ltd.