Cameo Resources Signs LOI for 51% Acquisition of Katoro Gold Property

Cameo Resources Inc. has signed a letter of intent to acquire a 51% interest in the Katoro Gold Properties in Tanzania. The acquisition involves a cash payment of USD 500,000 and an issuance of 8 million shares. A concurrent private placement of up to $1.5 million is planned to support this initiative. The company continues to negotiate additional acquisitions, including the VMP Gold Property in Ecuador.

Cameo Resources Inc. (CSE: MEO) has announced the signing of a binding letter of intent (LOI) with 1154308 B.C. Ltd. to acquire a 51% interest in the Katoro Gold Properties, located in the Geita region of Tanzania. This acquisition is conditional upon the completion of due diligence and the signing of a Definitive Agreement, leading to an Option Agreement.

The Katoro Gold Properties, covering an area of 12.52 square kilometers, are situated within the Sukumaland Greenstone Belt, recognized for its rich gold deposits, including the Buckreef mine. The region is noted for high exploration potential, driven by positive geophysical and structural settings indicating significant gold mineralization.

Souhail Abi-Farrage, President and CEO of Cameo, highlighted the importance of this opportunity, noting the property features established higher-grade gold mineralization in quartz veins, alongside a broader potential for unexploited buried porphyry. The Company is eager to initiate work on the property.

The terms of the LOI require Cameo to make total cash payments of USD 500,000 and issue 8 million common shares. The first cash payment of USD 250,000 is due upon due diligence completion, with the second payment due within one year. The transaction is anticipated to finalize by April 30, 2025, subject to customary conditions and approvals by the Canadian Securities Exchange.

In addition, Cameo plans to conduct a non-brokered private placement of up to $1.5 million, with units priced at $0.15 each. Each unit will comprise one common share and half a warrant, with conditions for warrant exercise based on share performance. Proceeds from this placement will support both ongoing projects and initial work on the Katoro Property.

Cameo Resources continues to pursue an acquisition of the VMP Gold Property in Ecuador, aiming to negotiate a larger interest in the site while keeping shareholders informed regarding progress.

Brian Thurston, P.Geo., the Company’s technical advisor, has verified the technical information in this release as a qualified person under National Instrument 43-101 standards. Cameo Resources Inc. is focused on mineral exploration and developing valuable deposits, with a strategic aim to enhance shareholder value through various projects and acquisitions.

For more information, please visit Cameo Resources’ website or contact their investor relations department directly.

Cameo Resources Inc. is strategically advancing its portfolio by acquiring a 51% interest in the Katoro Gold Properties in Tanzania, supportive of their growth objectives in the mineral exploration sector. The planned cash payments and share issuance under the LOI outline a structured approach to the acquisition. Complementing this, a $1.5 million private placement aims to fund ongoing operations and advance the new property. CEO Souhail Abi-Farrage’s optimistic outlook reflects the company’s commitment to seizing opportunities within the competitive gold market.

Original Source: www.juniorminingnetwork.com