TSXV:AXM.H - Post by User
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Dragoonon Jun 01, 2021 11:27am
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Post# 33303105
New Senegal update in Quarter MD&A, page 7
New Senegal update in Quarter MD&A, page 7The Company is in discussions with Endeavour Mining Corporation (TSX:EDV) regarding the 5 proposed targets within Bransan Lot C and Sounkounkou permits on whether the Company will participate in the exploration, which will include funding 20% of proposed work costs, or elect to convert to a 1.5% net smelter royalty. On May 12, 2021, the Company and Endeavour had a meeting with management of Endeavour and during the meeting, the following updates were disclosed by Endeavour: Sounkounkou (SKK) permit was granted to SMC on April 20, 2018 as a new permit for an initial period of 4 years. The permit was based on a US$4M work commitment. To date, roughly only $110K, representing less than 3% of commitment, has been spent in respect of the permit. In order to be 100% compliant, SMC is required to spend nearly $3.9M on exploration activities by April 2022 to ensure the permit can be renewed upon expiry. No work was carried out, nor any money spent on this permit in either 2020 or 2021. The Company has the option to take full ownership of the Sounkounkou Permit or relinquish the permit back to the government of Senegal.