Randsburg Signs Memorandum of Understanding on Flett Project
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 08/11/11 -- Randsburg International Gold Corporation (TSX VENTURE: RGZ) announced today that it has signed a Memorandum of Understanding ("MOU") with respect to its Flett Project located in Flett Township in Northern Ontario. Randsburg holds a 100% interest, subject to a 3% NSR, in 10 claims located in Flett Township covering approximately 5,440 acres contiguous to the Company's 20% owned Titan Iron-Titanium Vanadium Project. Flett Township is located 120 kilometres northeast of Sudbury, Ontario and 50 kilometres north of the City of North Bay. The Flett project is prospective for iron, titanium, nickel and platinum group metals (PGM).
The MOU was signed with Gloss Gold Investments Limited ("Gloss Gold"), a private company located in Markham, Ontario. Gloss Gold is controlled by an investor group based in Hong Kong and China. Under the terms of the MOU which is subject to a due diligence period of 45 days and a definitive agreement, Gloss Gold can obtain an 80% interest in the project by paying Randsburg $50,000 upon signing of the definitive agreement, payments totaling $90,000 the first year and $25,000 per month thereafter up to $2 million. On the earlier of Gloss Gold obtaining a mining license or transferring its interest in the property or December 31, 2013, the balance of the payment must be made either in cash or shares of the acquiring company at the option of Randsburg. Gloss Gold agrees to undertake a feasibility study within 2 years, spend a minimum of $200,000 on exploration and development by June 30, 2012, including completing a geophysical survey and a drill program of at least 1,000 metres by June 30, 2012; and in addition, spend a minimum of $200,000 on exploration and development per year after July 31, 2012. Should the project be placed into production Gloss Gold shall cover all costs up to $100 million in respect of the construction of a mine and plant. Gloss Gold will be the Operator.
The Companies are forming an alliance to advance Flett and to pursue other mining projects. "We are pleased to be working with Gloss Gold on the Flett project," stated Michael Opara, President of Randsburg. "Gloss Gold has a business team with considerable experience in the Hong Kong and Chinese capital markets and we look forward to advancing this and potentially other projects with them."
On behalf of the Board of Directors of
Randsburg International Gold Corp.
Michael Opara, President and Chief Executive Officer
Copyright, 2011 - Randsburg International Gold Corporation. This news release can be reproduced and retransmitted in whole, with no changes permitted of any kind, including headlines, or the addition of any headlines or other material, and providing it is supplied and made available without charge to the end reader.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Randsburg International Gold Corp.
Michael Opara
President and Chief Executive Officer
416-486-4078
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 11.08.2011 - 14:11 Uhr
Sprache: Deutsch
News-ID 45244
Anzahl Zeichen: 0
contact information:
Town:
TORONTO, ONTARIO
Kategorie:
Mining & Metals
Diese Pressemitteilung wurde bisher 274 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Randsburg Signs Memorandum of Understanding on Flett Project"
steht unter der journalistisch-redaktionellen Verantwortung von
Randsburg International Gold Corp. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
