Majestic Completes Swap of Equity for Net Profits Interest
(firmenpresse) -
Majestic Completes Swap of Equity for Net Profits Interest
Vancouver, British Columbia. July 29, 2013. – Majestic Gold Corp. (TSX.V: MJS) ("Majestic" or the "Company") is pleased to announce completion of the exchange provided for in the agreement (the “Exchange Agreement”) with Yantai Dahedong Processing Co. Ltd. (“Dahedong”) announced on June 27, 2013. As a result, Dahedong now holds a 25% equity stake in the Company’s Chinese subsidiary, Yantai Zhongjia Mining Co. Ltd. (“Zhongjia”), in place of the 25% net profits interest granted to it in 2010.
Zhongjia owns the Song Jiagou open pit gold mine (the “Mine”) near the City of Yantai, in Shandong Province, China. Majestic indirectly owns a 72% interest in Zhongjia through its 96% interest in Majestic Yantai Gold Ltd. (“Majestic Yantai”), which now owns a 75% interest in Zhongjia. Dahedong’s acquisition of the other 25% of Zhongjia effectively means that it has a 25% working interest in Zhongjia in place of an entitlement to 25% of Mine profits. As a result, Dahedong is now obligated to contribute 25% of capital and other expenses for expansion and improvement of the three mills and related facilities which service the Mine, as well as other capital expenses associated with mining operations. Zhongjia will continue to have the use of Dahedong’s mining assets at no cost to Zhongjia, including various land use contracts with the Chinese government for the operation of processing mills and disposal of tailings, water rights, two mills with processing capacities of 200 and 1,200 tonnes per day respectively, and related buildings and other mining facilities, machinery and equipment. The Exchange Agreement was accepted for filing by the TSX Venture Exchange on July 25, 2013.
On Behalf of the Board of Directors
MAJESTIC GOLD CORP.
Signed "Rod Husband"
Rod Husband, P.Geo
President
Contact:
Investor Relations: (604) 681-4653 or 1-866-282-8398
Email: info(at)majesticgold.net or visit our Website: www.majesticgold.net
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
Leseranfragen:
MAJESTIC_GOLD_CORP
1370 - 1140 West Pender Street
Vancouver,
BC Canada
V6E 4G1
Datum: 30.07.2013 - 13:18 Uhr
Sprache: Deutsch
News-ID 282907
Anzahl Zeichen: 2914
contact information:
Town:
Wien
Kategorie:
Business News
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