LANDORE RESOURCES
LIMITED
Receipt of Further Option
Payment from Storm re: Miminiska Lake
& Keezhik Lake
Properties
London, United Kingdom - 13 November 2024 - Landore
Resources Limited (AIM: LND) ("Landore Resources" or the
"Company") is pleased to announce receipt of the 20 September 2024 option payment from Storm Exploration
Inc. (TSX-V: STRM) ("Storm"), in connection with the terms of the
pre-existing Option Agreement (as amended) between Landore
Resources Canada Inc. ("Landore") and Storm, regarding the disposal
of the Company's 100% interest in the Miminiska Lake and Keezhik
Lake Properties in Thunder Bay Mining District, Northern Ontario,
Canada.
Landore Resources has now received a
cash payment of C$262,500 and 4,740,864 new ordinary shares in the
capital of Storm at a deemed price of C$0.052733 each (being
equivalent to C$250,000 applying the 30-day volume weighted average
price prior to the date of election), thereby increasing the
Company's total interest in Storm to approximately 7.3%.
The latest instalment follows the
agreement between the parties, as announced on 19 August 2024, to
reschedule and extend the remaining amounts payable by Storm to
Landore by up to 18 months.
The remaining payments due to
Landore remain scheduled for receipt as follows*:
|
Payment Date
|
Cash
|
Convertible Cash**
|
|
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.
Landore Resource's primary focus
remains on the further exploration and development of its 100%
owned BAM Gold Project, Northwest Ontario, Canada.
Landore Resources' CEO, Alexander Shaw,
commented:
"I
am delighted to announce receipt of the latest option instalment
from Storm - the first of the three remaining payments that Landore
is scheduled to receive from Storm, totalling C$2.1 million, in
respect of the disposal of our 100% interest in the Miminiska Lake
and Keezhik Lake Properties in Ontario. Storm plans to
advance these properties, beginning with the drill-ready Miminiska
target, which has the potential to host a significant gold deposit,
and we currently intend to remain a shareholder in Storm as it
progresses these highly prospective gold assets.
"The disposal enables us to focus solely on the development of
our primary asset, the 100% owned BAM Gold Project, in the prolific
gold producing region of Ontario, where technical work is ongoing
to advance the geological model including soil sampling and infill
sampling of historical drill core. We look forward to providing a
further update to shareholders on our progress at BAM later this
quarter."
- ENDS -
For further
information, please contact:
Landore
Resources Limited
Alexander Shaw (CEO)
contact@landore.com
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.
