Altus Strategies PLC Extension to due diligence period (6672S)
March 13 2019 - 2:01AM
UK Regulatory
TIDMALS
RNS Number : 6672S
Altus Strategies PLC
13 March 2019
Altus Strategies Plc / Index: AIM / EPIC: ALS / Sector:
Mining
13 March 2019
Altus Strategies Plc
("Altus" or the "Company")
Extension to Due Diligence Period for Indiana Resources
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.
Qualified Person
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 Tel: +44 (0) 1235 511 767
Steven Poulton, Chief Executive E: info@altus-strategies.com
SP Angel (Nominated Adviser) Tel: +44 (0) 20 3470 0470
Richard Morrison / Soltan Tagiev
SP Angel (Broker) Tel: +44 (0) 20 3470 0471
Richard Parlons / Jonathan Williams
Blytheweigh (Financial PR) Tel: +44 (0) 20 7138 3204
Tim Blythe / Camilla Horsfall / James
Husband
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
AGRSFWEEEFUSEFD
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