TSX-V-listed Aton has lodged a submission with the Egyptian Mineral Resources Authority detailing and defining commercial discoveries at its Hamama West and Rodruin projects, as part of the Abu Marawat concession, in Egypt.
This represents the first step in a formal process to maintain the company’s rights to explore for and develop deposits.
It is also expected that the submission will culminate in the issuance of a mining licence at Abu Marawat.
In the coming weeks, Aton will work with the Egyptian mining authority to review and agree on these commercial discoveries, as per the Marawat Concession Agreement it has in place with the government, and settle the areas to be included in the mining licence.
Once this agreement has been reached on these areas, they will automatically be converted into an exploitation lease or leases without the issuance of any additional legal instrument or permissions.
Interim CEO Tonno Vahk says Aton has made huge progress in this time, and today represents a very important step forward on the road to the development of the next Egyptian gold mines, at Abu Marawat, as well as being a very significant day for Aton, for its stakeholders and shareholders, and for the development of a growing mineral exploration and mining sector in Egypt.