Cameo Resources Inc. has signed a LOI to acquire a 51% stake in the Katoro Gold Properties in Tanzania. The properties span 12.52 square kilometers within a prominent gold mining area. The acquisition involves a USD$500,000 cash payment and issuance of 8 million shares, with ambitions to raise additional capital through a private placement. Cameo is also negotiating for an increased stake in another property in Ecuador.
Cameo Resources Inc. has announced its entry into 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. This acquisition is contingent upon various terms and conditions before the execution of a formal Option Agreement.
The Katoro Gold Properties comprise approximately 12.52 square kilometers and are situated within the Sukumaland Greenstone Belt, renowned for its multi-million-ounce gold deposits. This region has attracted mining activities from major companies, and artisanal mining has indicated prior mineral presence, as seen through multiple excavated areas.
Under the LOI, Cameo will secure its 51% stake by making cash payments totaling USD$500,000, along with the issuance of 8,000,000 common shares. The initial cash payment of USD$250,000 is due post-due diligence, while a second payment of the same amount is required within one year. The acquisition is expected to finalize before April 30, 2025, pending due diligence and relevant approvals.
In conjunction with the acquisition, Cameo Resources plans a non-brokered private placement to raise up to $1,500,000 through the issue of units at $0.15 each. This financing aims to support current and future exploration activities, including the initial work on the Katoro Property.
Cameo is also actively pursuing the acquisition of the VMP Gold Property in Ecuador and is negotiating terms to enhance its ownership interest. The Company will provide updates as discussions progress.
Brian Thurston, P.Geo., has verified and approved the technical details circulated in this announcement. Cameo Resources is focused on the discovery and development of mineral riches, seeking to enhance shareholder value primarily through lithium projects and strategic acquisitions in the precious metals domain.
For further inquiries, stakeholders may contact Cameo’s investor relations team via email or phone, as listed in the announcement.
Cameo Resources Inc. is poised to strengthen its position in the gold mining sector through the acquisition of a 51% interest in the Katoro Gold Properties in Tanzania, highlighting potential for significant exploration and mining activities. The Company’s strategic move to undertake a private placement will further finance ongoing and prospective projects. Continued efforts towards the VMP Gold Property acquisition display Cameo’s commitment to expanding its mineral exploration endeavors. Given the promising geological features of the Katoro Property, this acquisition represents a significant opportunity for growth and development within valuable mineral sectors.
Original Source: www.juniorminingnetwork.com
