The Namibian Ministry of Mines and Energy granted the renewal of EPL
3195 for a period of two years, ending May 30th 2013. The
license requires Forsys and Angus to incur development expenditures of
Namibian $32,850,000, or approximately Canadian $ 4,670,000 during that
period.
Angus has completed the expenditures required to earn an initial 50.1%
stake in the Ondundu Property, and expects to exercise this option in the
third quarter of 2011. Angus has the option to acquire an additional 24.9%
interest in the project by incurring an additional C $6,000,000 in
exploration expenditures by November 6th, 2012.
Angus and Forsys are also pleased to announce the formation of a local
partnership with Minden Investments Ltd. ("Minden"), an empowered Namibian
corporation. The partnership with Minden was formed to facilitate the
direct participation of the Namibian community in the development process
of the Ondundu Project, and to provide the Namibian community with a means
by which to benefit directly from the project. Through the creation
of a joint venture agreement, Minden has been granted an option to earn up
to a 10% stake in the Ondundu Project.
About Angus
Angus Mining (Namibia) Inc. is a Canadian based precious metals
exploration company focused on developing the Ondundu Gold Project in
West-Central Namibia via a joint venture agreement with Forsys Metals
Corp. The Company's goal is to deliver superior shareholder returns by
identifying, acquiring and developing high quality assets in a safe and
socially responsible manner. Angus Mining is committed to providing
economic and social benefit to the Namibian community through the
responsible development of mining assets in the Country.
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