Landore Resources
Limited
FURTHER update regarding
OPTION AGREEMENT OVER MIMINISKA LAKE
AND KEEZHIK LAKE
PROPERTIES
London, United
Kingdom - 3 July 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, 8 February 2024 and 28 May 2024,
provides a further 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").
The Company notes that Storm has not met the
previously agreed deadline of 28 June 2024 for the next scheduled
Cash Payment of CAN$262,500 and Convertible Cash Payment of
CAN$525,000 pursuant to the terms of the Option Agreement.
Accordingly, the Company is currently in discussions with Storm's
management with respect to a potential further extension, variation
or termination of the agreement, as well as considering other
options with regards to the disposal of the Properties, and a
further update will be provided in due course.
The Company's strategy remains firmly committed
to the further exploration and development of its 100% owned BAM
Gold Project, Northwest Ontario, Canada, progress on which is being
accelerated by the recent fund raise, along with the strengthening
of Landore Resources' management team and its shareholder
register.
- ENDS -
For further
information, please contact:
Landore
Resources Limited
Alexander Shaw (CEO)
Tel: +44 7799005916
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
Burson
Buchanan (Financial PR)
Bobby Morse
(landore@buchanancomms.co.uk)
Tel: 020 74665000
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.
