Cameo Resources Inc. has signed a letter of intent to acquire a 51% interest in the Katoro Gold Properties in Tanzania. The acquisition includes cash payments totaling USD$500,000 and the issuance of eight million shares. The company plans to conduct a private placement to raise up to $1,500,000 to support exploration efforts. This transaction is expected to close by April 30, 2025, subject to due diligence and regulatory approval.
Cameo Resources Inc., based in Surrey, British Columbia, has announced the signing of a binding letter of intent (LOI) with 1154308 B.C. Ltd. to acquire a 51% interest in the Katoro Gold Properties located in Tanzania’s Geita region. The proposed acquisition is governed by specific terms and will result in Cameo entering into an Option Agreement for these properties, which hold significant exploration potential for gold mineralization.
The Katoro Gold Properties cover an area of 12.52 square kilometers and are strategically situated within the Sukumaland Greenstone Belt in north-west Tanzania. This region is known for its rich gold deposits, having multiple concessions that have been previously mined by artisanal miners. Cameo’s CEO, Souhail Abi-Farrage, highlighted the exciting opportunities for exploration within the established higher-grade mineralization zones as well as the potential for buried porphyry deposits.
To complete the acquisition, Cameo will make total cash payments of USD$500,000, alongside the issuance of eight million common shares to 1154308 B.C. Ltd. The first cash installment of USD$250,000 is due after due diligence, with the final payment due within a year. This transaction is projected to close by April 30, 2025, pending due diligence and approvals from the Canadian Securities Exchange.
In addition to the acquisition, Cameo intends to conduct a non-brokered private placement of up to $1,500,000. This will involve offering units priced at $0.15 each, each consisting of one common share and half a warrant. The proceeds from this placement will support ongoing work on existing properties and initial developments at Katoro.
Cameo Resources has also provided an update regarding the VMP Gold Property acquisition in Ecuador, indicating ongoing negotiations to secure a larger interest in the 162-ha property. Furthermore, Brian Thurston, P.Geo., has confirmed the technical information in this release as a qualified person in accordance with relevant mineral project disclosure standards.
Cameo Resources is focused on enhancing shareholder value by advancing its mineral projects, particularly in clean energy sectors and engaging in strategic acquisitions in precious metals. For more information, stakeholders can visit the company’s official website.
The forward-looking statements in this release suggest anticipated developments concerning the acquisition’s progression, yet caution is advised as actual results may diverge from expectations due to a variety of risks and uncertainties.
Cameo Resources Inc. has solidified an agreement to acquire a 51% stake in the Katoro Gold Properties in Tanzania, showcasing its commitment to expanding its mineral exploration portfolio. With substantial cash payments and share issuances specified in the agreement, the company aims to leverage exploration opportunities within a region renowned for gold deposits. Additionally, the planned private placement is intended to finance ongoing and new ventures, augmenting Cameo’s strategic growth and development in the mining sector.
Original Source: www.juniorminingnetwork.com
