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Blue River to earn up to 70% stake in Angkor Gold's Banlung tenement

Angkor Gold Corp.said May 9 that it has entered into a definitive agreement with , in which thelatter can acquire up to a 70% interest in the company's Banlung gold tenement in Cambodia.

Under the deal, Blue River can initially acquire up to a 50%stake in Banlung through three options with a total exploration investment of US$3.5million over a four-year period.

Once the first three options have been satisfied, Blue Rivermay then exercise its option on an additional 20% interest by completing a bankablefeasibility study on the property.

Upon completion of the fourth option, Angkor will maintain a30% stake on Banlung, or convert at its discretion to a 5% net smelter return royalty.

The company also plans to continue its current work programson two priority prospects — Halo on the Oyadao South licenses and Peacock on the license.