REG - Landore Resources Ld - Update on Option Agreement

Landore ResourcesAnnouncement

19/08/2024 07:00

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RNS Number : 8282A  Landore Resources Limited  19 August 2024

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.

 

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