Landore Resources
Limited
update regarding OPTION
AGREEMENT OVER MIMINISKA LAKE AND KEEZHIK LAKE PROPERTIES AND
CORPORATE UPDATE
London, United
Kingdom - 28 May 2024 - Landore Resources Limited
(AIM: LND) ("Landore Resources" or the
"Company"), further to its previous announcements of 10 May 2021,
31 January 2023, 5 July 2023 and 8 February 2024, is pleased to
provide an update with respect to its subsidiary, Landore Resources
Canada Inc.'s, pre-existing option agreement with Storm Exploration
Inc. (a TSX-V company, formerly named Lithoquest Resources Inc.)
("Storm") over 100% of the Miminiska Lake and Keezhik Lake
properties in the Thunder Bay Mining district, Northern Ontario
(the "Properties") (the "Option Agreement").
In light of Storm's announcement of 23 May 2024
regarding its signing of an Exploration Agreement with the
Eabametoong First Nation in respect of, inter alia, the Properties, which
represents a significant milestone achievement to collaboratively
progressing exploration activities with the local community, the
Company has agreed to extend the next scheduled Cash Payment of
CAN$262,500 and Convertible Cash Payment of CAN$525,000 from 24 May
2024 to on or before 28 June 2024. All other details of the Option
Agreement remain unaltered and a further update will be
provided in due course, as appropriate.
Corporate
Update
Further to the Company's announcement of 4
January 2024 and Circular dated 12 January 2024, management
continues to progress discussions in respect of suitable funding
options to enable the Company to, inter alia, satisfy its ongoing
general working capital requirements and advance its flagship BAM
Gold Project at the Junior Lake property in Northwestern
Ontario.
A further update will be provided by late June
2024 in conjunction with the Company's forthcoming publication of
its final results and Annual Report and financial statements for
its year ended 31 December 2023.
- ENDS -
For further
information, please contact:
Landore
Resources Limited
Glenn Featherby (Interim CEO)
Tel: +44 7730420318
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
About Landore
Resources
Landore Resources Limited is an
exploration/development company that seeks to grow shareholder
value through the advanced exploration and development of precious
and battery metals projects in eastern Canada. The Company is
primarily focused on the development of its 100% owned BAM Gold
Project, located on its Junior Lake Property in
Northwestern Ontario.
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.
