Altus Strategies PLC Altus and Legend Announce Extension to LOI (4610W)

TIDMALS

RNS Number : 4610W

Altus Strategies PLC

14 November 2017

Altus Strategies Plc / Index: AIM / EPIC: ALS / Sector: Mining

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES NOR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA

14 November 2017

Altus Strategies Plc

("Altus" or the "Company")

Altus and Legend Announce Extension to Letter of Intent

Altus Strategies Plc (AIM: ALS), the Africa focused exploration project generator and Legend Gold Corp. ("Legend") (TSX.V: LGN) together (the "Parties") announce that pursuant to the non-binding letter of intent (the "LoI") signed by Altus and Legend on 10 October 2017, the Parties have extended the deadline for completion of definitive documentation from 14 November 2017 to 20 November 2017.

The LoI sets out the terms and conditions pursuant to which Altus will acquire the entire issued and outstanding common shares, unexercised warrants and unexercised share purchase options of Legend through an all-stock transaction, which is anticipated to be completed by way of a Plan of Arrangement pursuant to the laws of the province of British Columbia in Canada.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

For further information you are invited to visit the Company's website www.altus-strategies.com or contact:

 
Altus Strategies Plc            Tel: +44 (0) 
 Steven Poulton, Chief           1235 511 767 
 Executive                       E: [e-mail] 
 Matthew Grainger, Executive 
 Director 
 Greg Owen, VP Corporate 
 Development 
SP Angel (Nominated Adviser)    Tel: +44 (0) 
 Ewan Leggat / Richard           20 3470 0470 
 Morrison / Soltan Tagiev 
SP Angel (Joint Broker)         Tel: +44 (0) 
 Elizabeth Johnson / Richard     20 3470 0471 
 Parlons 
Beaufort Securities (Joint      Tel: +44 (0) 
 Broker)                         20 7382 8300 
 Jon Bellis 
Blytheweigh (Financial          Tel: +44 (0) 
 PR)                             20 7138 3204 
 Tim Blythe / Camilla Horsfall 
 / Nick Elwes 
 

Notes to editors:

About Altus Strategies Plc

Altus is a diversified and Africa focused project generator in the natural resource sector. Through our subsidiaries we discover new projects and attract third party capital to fund their growth, development and ultimately exit optionality. This strategy enables Altus to remain focused on the acquisition of new opportunities to be fed into the project generation cycle and aims to minimise shareholder dilution. Our business model is designed to create a growing portfolio of well managed and high growth potential projects which is diversified by commodity and by country. We aim to position our shareholders at the vanguard of value creation, but with significantly reduced risks traditionally associated with investments in the mineral exploration sector.

The following is a summary of the Company's key projects:

Cameroon - Gold

The Company holds the 189km(2) Laboum gold exploration licence in northern Cameroon through its 99% owned subsidiary Auramin Ltd. At Laboum an approximately 18km and 5km wide long gold-bearing shear zone has been discovered. In addition close to 1km of quartz veins have been discovered with exposed widths of between 1m and 40m. High resolution ground geophysics and a concurrent gold in soil survey are defining priority targets for a systematic trenching programme. The Laboum licence hosts a number of artisanal gold mining sites and grab samples have returned grades up to 24.50 g/t Au from quartz veins and 6.86 g/t Au from the sheared metasedimentary rocks respectively.

Morocco - Copper

The Company holds the 60km(2) Agdz copper-silver exploration licence in central Morocco through its 100% owned subsidiary Aterian Resources Ltd. Five prospects have been defined to date, the best of which retuned grades up to 8% Cu, 448 g/t Ag and 3.74 g/t Au. The project is located close to a number of operating mines, notably the recently commissioned Bouskour Cu-Ag mine located 14km NE of Agdz.

Ethiopia - Copper

The Company holds the 322 km(2) Tigray-Afar and Negash copper-silver exploration licences ("Tigray-Afar") in northern Ethiopia through its 100% owned subsidiary Altau Resources Ltd. Tigray-Afar is subject to a memorandum of agreement with Japan Oil Gas and Metals Corporation and comprises manto style copper-silver mineralisation, forming lenses, pipes or veins. The Company also holds the 412km(2) Daro exploration licence which targets VMS style deposits in northern Ethiopia.

Cameroon - Bauxite

The Company holds the 601km(2) Birsok & Mandoum bauxite exploration licences in central Cameroon through its 97.3% owned subsidiary Aluvance Ltd. The Birsok & Mandoum licences are subject to a joint venture agreement with ASX-listed Canyon Resources Ltd. The project is within 10km of an operating rail line to the port of Douala on the Atlantic Ocean.

Liberia - Gold

The Company holds the 639.6km(2) Bella Yella and 732km(2) Zolowo gold exploration licences in north western Liberia through its 99% owned subsidiary Auramin Ltd. Both licences target targeting Archaean greenstone-hosted gold deposits. At Bella Yella a 7.5km NE-SW striking gold in soil anomaly has been defined. A number of artisanal gold workings have been discovered, from which rock chip assay results have returned grades up to 233 g/t Au. Zolowo hosts a 33km long greenstone belt, a number of drainages from which host significant artisanal alluvial workings.

Cameroon - Iron Ore

The Company holds the 400km(2) Bikoula & Ndjele iron ore exploration licences in southern Cameroon through its 97.3% owned subsidiary Aluvance Ltd. The project hosts an independent (JORC 2012 compliant), inferred mineral resource estimate comprising 46Mt @ 44% Fe completed by Coffey Mining South Africa (Pty) Ltd in a report entitled "Mineral Resource Estimation and Classification of the Bikoula Iron Ore Project in Cameroon". The resource estimate is from less than 25% of the 17km long target as identified from airborne geophysics.

Morocco - Other

The Company holds 226km(2) across five exploration licence throughout Morocco through its 100% owned subsidiary Aterian Resources Ltd. The licences areas are prospective for zinc, lead, copper, tin, tungsten and gold. Grades from these licences include 8.15% Pb, 4.48% Zn, 9.18% Cu and 9.61 g/t Au.

Glossary of Terms

The following is a glossary of technical terms:

"Archaean" means an early part of geological time dating from <4,000 to 2,500 million years ago

"Artisanal" means local people conducting mining, often with rudimentary equipment

"Au" means gold

"Assay" or "Assay results" means the analysis of minerals, rocks and mine products to determine and quantify their constituent parts

"Ag" means silver

"Cu" means copper

"Fe" means iron

"Pb" mean lead

"g/t" means grams per tonne

"Grade(s)" means the quantity of ore or metal in a specified quantity of rock

"m" means metres

"Ma" means million years ago

"Moz" means millions of ounces

"Outcrop" means a visible exposure of rock that is in-situ and has no covering of soil or vegetation

"Shear zone" means a zone in which rocks have been deformed by lateral movement along parallel planes

"Quartz Vein" means a fracture which has been filled by quartz and other minerals which have crystallised from mineralised fluids

"Zn" means zinc

**ENDS**

This information is provided by RNS

The company news service from the London Stock Exchange

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November 14, 2017 06:27 ET (11:27 GMT)