DGAP-News: Standard Gold Mines Plc Acquires Brazilian Gold Mine
(firmenpresse) - DGAP-News: Standard Gold Mines PLC / Key word(s): Acquisition
Standard Gold Mines Plc Acquires Brazilian Gold Mine
15.04.2011 / 11:35
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Standard Gold Mines Plc Acquires Brazilian Gold Mine
April 14, 2011 ... Standard Gold Mines Plc listed on the Frankfurt Stock
Exchange, under the ticker symbol (H5L.F) today announced that it has
acquired 100% of Mining Finance Limited and its wholly owned operating
subsidiary, Sao Pedro Mines (U.K.) Limited including its 25 year mining
concession, licenses and business. It holds the mining rights to a 600
hectare 'open pit' gold mine, San Pedro Mineracao LTDA, located in
Paracatu, Minas Gerais, in Brazil.
'As a result of our activity with Mining Finance Limited, our venture
associate and financier, we have purchased the Sao Pedro Mineracao LTDA
gold mine ', noted Mr. Thele President, 'This purchase is the second in a
series of contemplated acquisitions of precious metal mining properties by
the company which is consistent with our corporate mandate to aggregate
commercially viable mining assets globally'.
On July 15, 2010 in Sao Paulo, a Statement Update and Confirmation Report
of Sao Pedro Mineracao LTDA was prepared and executed which placed a Legal
Asset Description of the then prevailing market value of the mine
containing an estimated gold reserve of 300,000 kilos or 10.56 million oz.
at approximately $12.8 Billion . Due to the report, the Brazilian
government approved exploration of the ore body which now has a current
market valuation of approximately $15 billion.
'With the purchase of the Sao Pedro Mineracao LTDA mine, Standard Gold
Mines Plc is now positioned to access the international capital markets in
order to float a bond offering of up to $100 million to finance current
production requirements of its Annabelle mine located in Nevada, USA., Sao
Pedro Mineracao LTDA mine, located in Minas Gerais, Brazil and other
possible acquisitions', commented Mr. Thele. 'The company is currently in
negotiations with a major German bank and other institutions in an effort
to syndicate the bond offering as soon as possible'.
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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120156 15.04.2011
Datum: 15.04.2011 - 11:35 Uhr
Sprache: Deutsch
News-ID 33803
Anzahl Zeichen: 0
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Kategorie:
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