Loncor Gold Inc. (“Loncor” or the “Company”) (TSX: “LN”; OTCQX: “LONCF”; FSE: “LO51”) is pleased to announce that it has entered into an agreement for the sale of Loncor’s Makapela property for Cdn$13,500,000 cash. The agreement calls for the sale price to be paid in a series of progress payments beginning with a deposit of Cdn$2,000,000. The balance of the progress payments, totalling Cdn$11,500,000, will be paid upon completion of the transfer of title to Makapela, which is expected to occur before the end of February 2024.
Loncor’s Chief Executive Officer, John Barker, commented: “Loncor has conducted a number of discussions with potential strategic partners over the last 18 months, many of which involved proposals that would have resulted in significant equity dilution. We believe the sale of the non-core Makapela property provides Loncor with an opportunistic route to raise significant non-dilutive financing, and represents a major step towards further development of our world class Adumbi gold deposit and the numerous other targets along structure from Adumbi.”
Loncor’s flagship Adumbi deposit holds an indicated mineral resource of 1.88 million ounces of gold (28.185 million tonnes grading 2.08 g/t gold), and the Adumbi deposit and two neighbouring deposits hold an inferred mineral resource of 2.090 million ounces of gold (22.508 million tonnes grading 2.89 g/t Au), with 84.68% of these resources being attributable to Loncor. A Mining Permit has already been granted for the development of Adumbi and the DRC government holds a direct 10% free carry holding in the project.
