Cameo Resources Inc. has entered a LOI to acquire a 51% interest in the Katoro Gold Properties located in Tanzania. The properties are in a promising gold mining region known for significant mineralization. To finalize the acquisition, Cameo will make cash payments and issue common shares, with plans for a concurrent private placement to fund ongoing operations.
Cameo Resources Inc., based in Surrey, British Columbia, has announced that it has signed a binding letter of intent (LOI) with 1154308 B.C. Ltd. This agreement allows Cameo to acquire a 51% interest in the Katoro Gold Properties in Tanzania, located in the Geita region. This acquisition is subject to specific terms and conditions outlined in an upcoming Option Agreement.
The Katoro Gold Properties extend over 12.52 square kilometers within Tanzania’s valuable Sukumaland Greenstone Belt, known for significant gold deposits. The area has experienced both mining and exploration activities, showcasing potential for substantial gold mineralization. Major mining companies, such as AngloGold Ashanti and IAMGOLD, are also engaged in the region.
Souhail Abi-Farrage, President & CEO of Cameo Resources, expressed his enthusiasm regarding the acquisition, highlighting the immediate exploration opportunities and the potential for deeper mineral deposits. The properties have a history of artisanal mining, indicating localized gold mineralization.
Financially, Cameo will secure its 51% interest by paying $500,000, split into two payments, alongside the issuance of 8 million shares. This agreement is anticipated to finalize by April 30, 2025, following due diligence and regulatory approvals.
Additionally, Cameo Resources plans to initiate a non-brokered private placement, aiming to raise up to $1.5 million for ongoing projects, including work on the Katoro Properties. Each unit in the placement will include shares and warrants with market terms that allow acceleration based on share performance.
Cameo is also pursuing acquisition of the VMP Gold Property in Ecuador and seeks to negotiate an increased interest in that property. Updates regarding these negotiations will be provided to shareholders in due course. Brian Thurston, the Company’s technical advisor, has approved the technical details presented.
Cameo Resources Inc. has signed a pivotal LOI to acquire a 51% stake in the Katoro Gold Properties in Tanzania, representing a significant step in its growth strategy. The company aims to leverage the exploration potential of the properties while facilitating funding through a private placement. Amidst ongoing efforts to expand its mineral portfolio, Cameo remains focused on delivering value to its shareholders through strategic acquisitions and advancements in mineral exploration.
Original Source: www.juniorminingnetwork.com
