Cameo Resources Inc. has signed a letter of intent to acquire a 51% interest in Katoro Gold Properties, located in Tanzania. The acquisition is contingent on the completion of certain financial terms and will position the company for enhanced growth in the mining sector. Concurrently, the company plans a private placement to support its initiatives.
Cameo Resources Inc., based in Surrey, British Columbia, has announced a binding letter of intent (LOI) to acquire a 51% interest in the Katoro Gold Properties located in Tanzania. This acquisition, subject to certain terms, signifies a strategic move by the company towards enriching its mineral portfolio.
The Katoro Gold Properties span 12.52 square kilometers within the Sukumaland Greenstone Belt, known for its significant gold mineralization potential. The region hosts several major gold deposits and is actively mined by large corporations. Artisanal mining has previously occurred on these concessions, demonstrating their historical significance for gold mining.
As per the LOI, Cameo Resources will earn its desired stake by making cash payments totaling USD $500,000, alongside issuing 8,000,000 common shares. This transaction is expected to finalize by April 30, 2025, pending due diligence and the requisite approvals from the Canadian Securities Exchange.
In tandem with this acquisition, Cameo Resources plans a non-brokered private placement to raise up to $1,500,000. This funding will support ongoing and initial operations at the Katoro Property. Each unit in the placement will consist of one common share and a warrant at a set price, designed to incentivize investment while allowing the company to accelerate its exploration efforts.
Furthermore, Cameo is pursuing the acquisition of the VMP Gold Property in Ecuador, aiming to secure a greater ownership interest. Updates on these negotiations will be provided to shareholders as developments occur. Brian Thurston, P.Geo., has reviewed and approved the technical aspects of this release, ensuring compliance with mineral project standards.
Cameo Resources is committed to enhancing shareholder value through strategic acquisitions and the development of its mineral exploration projects, which include significant lithium initiatives in Nevada. For further information, the public may visit their website or contact investor relations directly.
Cameo Resources Inc. is poised to significantly expand its portfolio with the acquisition of a 51% interest in the Katoro Gold Properties in Tanzania. The strategic financial terms set forth in the LOI and the concurrent private placement demonstrate the company’s commitment to fostering growth and exploring mineral potential. As the company pursues additional opportunities, it anticipates generating shareholder value through diligent exploration and development activities.
Original Source: www.juniorminingnetwork.com
