Scythian Mining Group-Gold B.V., a private company incorporated under the laws of the Netherlands, holds certain mineral rights through Altyn Kokkus LLP, a Kazakhstan limited liability partnership organized and existing under the laws of Kazakhstan, identified by a Subsoil Resources Use Contract No 2068 for land rights and underground mineral rights to the Kokkus Project, a gold and copper deposit in Kazakhstan.
Palayan Resources, Inc. and Scythian Mining Group Ltd. announced the closing of a Share Exchange Agreement dated June 1, 2020 pursuant to which PLYN has acquired all of the issued and outstanding shares in the capital of SMG’s wholly owned subsidiary, SMG-Gold B.V., a Netherlands incorporated company. The parties are working diligently to satisfy all requirements of the Transaction, including the transfer of shares of SMG-Gold B.V. to the Company.
The Kokkus Project is a gold deposit located in the Karaganda Orblast, about 400 kilometers from the regional mining center of Karaganda. It consists of a Subsoil Resource Contract under Kazakhstan law covering approximately 16 square kilometers.
“The Kokkus Project is located in one of the foremost mining regions in Kazakhstan and we are committed to exploring the potential of this property,” stated James Jenkins, President of Palayan Resources, Inc. “The Kokkus Project currently has defined drill targets based on previous drilling, geological mapping and soil sampling, and study on structural controls on Au mineralization presently demonstrating excellent potential to discover a very significant gold deposit. Management intends on aggressively growing the company, and with the upswing in gold prices, we want to build a strong gold exploration and mining company around the Kokkus property with a strong possibility of finding further major gold deposits in Central Asia. We believe that this acquisition is just the beginning.”
Source: globenewswire.com