Altus to transfer Cameroon licences to Canyon

Aim- and TSX-V-listed Altus Strategies has signed a letter of intent with ASX-listed Canyon Resources to terminate its existing bauxite joint venture agreement with Canyon and to transfer 100% of Altus’ interest in the Birsok and Mandoum licences to Canyon.

In return, Altus will receive up to 30-million new shares in Canyon and a royalty of $1.50/t on ore mined and sold from the Birsok project.