Toronto, Ontario--(Newsfile Corp. - January 18, 2018) - RosCan Minerals Corporation (TSXV: ROS) ("RosCan" or the "Company") is pleased to provide the following update to the Company's news release of December 5, 2017:
WEST AFRICA LAND ACQUISITION (MALI)
RosCan continues to make excellent progress in assembling a sizeable contiguous land package in the prolific gold prospective Birimian rocks of west Mali. To establish its initial foothold, RosCan has entered into a Letter of Intent ("LOI") with Touba Mining SARL ("Touba") to acquire a 100% interest in the 56 sq. km. Kandiole-North permit (the "Property"), a very prospective gold exploration property located in an area hosting a number of producing gold mines. In addition, RosCan is currently in negotiations to acquire additional properties in Mali and anticipates completing these transactions in the coming months.
The key terms of the LOI are summarized below:
- Pay to Touba CAD $23,000 to earn an initial 20% interest (Paid).
- Pay to Touba an aggregate of CAD $80,000 over a 3 year period as follows:
| Additional | ||||
| Due Date | Amount | Earned Interest | ||
| July 3, 2018 | $20,000 | 20% | ||
| January 3, 2019 | $20,000 | 20% | ||
| July 3, 2019 | $10,000 | 10% | ||
| January 3, 2020 | $10,000 | 10% | ||
| July 3, 2020 | $10,000 | 10% | ||
| January 3, 2021 | $10,000 | 10% | ||
- Touba shall retain a 5% Net Profit Interest and a 2% Net Smelter Return upon commencement of commercial production.
- During the 3 year period, RosCan shall be responsible for maintaining the Property in good standing and performing any and all obligations required by law.
- Parties to finalize a definitive agreement upon RosCan completing its due diligence.
COMMENTARY
Greg Isenor, President and CEO of RosCan, stated, "We are continuing with our strategy to acquire high potential permits in an area of multi-million ounce gold producers and existing deposits of west Mali. The objective is to assemble a substantial land package applying the approach that has been successfully used by our experienced acquisition team in the past. I look forward to assembling this land package over the coming months.
ABOUT ROSCAN
RosCan Minerals Corporation is a Canadian gold exploration company focussed on the acquisition of gold properties in West Africa. The Company is currently exploring the promising gold potential of the early exploration stage Dormaa Project in Ghana. RosCan is earning a 50% interest in the Dormaa Project from Pelangio Exploration Inc. ('Pelangio').
For further information, please contact:
Greg Isenor
President and Chief Executive Officer
Tel: (902) 832-5555 or (416) 293-8437
Email: info@roscan.ca
Forward Looking Statements
This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company's management's discussion and analysis as filed under the Company's profile at www.sedar.com. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.
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.
