DGAP-News: Standard Gold Mines Plc Executes Letter of Intent
(firmenpresse) - DGAP-News: Standard Gold Mines PLC / Key word(s): Letter of Intent
Standard Gold Mines Plc Executes Letter of Intent
23.03.2011 / 14:15
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Standard Gold Mines Plc Executes Letter of Intent
March 21, 2011 ... Standard Gold Mines Plc listed on the Frankfurt Stock
Exchange, under the ticker symbol (H5L.F) today announced that it has
recently entered into a Letter of Intent to acquire 100% of Sao Pedro
Mining Limited, a UK company which holds the mining rights to a 600 hectare
'open pit' gold mine located in Paracatu, Minas Gerais, in Brazil under a
25 year mining concession.
'Recently, we have been in communications with Mining Finance Limited our
mining venture associate and financier which has access to several mining
properties globally. These properties may be for sale or available under
certain terms and conditions or under a joint venture basis to Standard
Gold Mines' indicated Mr. Thele, President. 'The mines are, in many cases,
former producers or mines prepared to enter production. Such opportunities
are consistent with the company's corporate mandate to aggregate
commercially viable precious metal mining assets globally'.
'Currently we are in the stages of conducting our due diligence review of
geological, engineering, historical reports and other corporate information
necessary to consider an investment of this considerable scope and
magnitude', commented Bob Thele. The terms of the possible acquisition
under consideration were not disclosed at this time
Based on the Technical Appraisal Report generated by Bondar Clegg&Company Ltd. of Vancouver, Canada, a Revalidation Report was prepared by
Dr. Edison Pinto Figueira, President and the Responsible Geologist
Engineer, of TGA-Trabalhos De Geofisica Aplicada S/C LTDA. and dated on
July 9, 2009 in Sao Paulo. As a result of the report, the Brazilian
Government approved immediate exploration of the ore body which contained
an estimated gold reserve of approximately 300,000 kilos or 10.56 million
oz.
A Statement Update and Confirmation Report was since prepared and executed,
July 15, 2010 in Sao Paulo, which placed a Legal Asset Description of the
then prevailing market value of the asset of 300,000 kilos of gold at
approximately $12.8 Billion . Current market valuations exceed $14
Billion.
'Investment in the property under consideration is of sufficient size
that, if consummated, could accelerate our plans to commence commercial
gold production', reported Bob Thele. 'Such activity would also commit the
company to access the capital markets for production funding requirements
as soon as practicable'
Upon completion of the contemplated transaction with Sao Pedro Mining
Limited, Standard Gold Mines Plc and Mining Finance Limited have agreed to
consider accessing the international capital markets in order to float a
bond offering of up to $100 million to finance current production
requirements and those of possible additional acquisitions.
About Standard Gold Mines: Standard Gold Mines Plc has a mandate to
aggregate precious metal mining properties into a portfolio of profitable
and commercially viable business assets. The properties sought are both
current producing or former producing mines, located in economically
favorable and politically stable jurisdictions, with existing attractive
mining codes. As a result, funding procurement from capital markets will be
focused on precious metals production.
Safe Harbor Statement: The statements contained in this Press Release that
are not historical may contain forward looking statements that could
involve a number of risks and uncertainties. Actual events or results could
differ materially from the company's expectations and projections.
Contact Us: please visit our website at www.standardgoldmines.com
End of Corporate News
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23.03.2011 Dissemination of a Corporate News, transmitted by DGAP - a
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116518 23.03.2011
Datum: 23.03.2011 - 14:15 Uhr
Sprache: Deutsch
News-ID 33552
Anzahl Zeichen: 0
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Kategorie:
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