ValGold Resources (TSXV:VAL) Acquiring Past Producing Gold-Silver Mine and Surrounding Region in Western Ukraine - Video Summary Posted on www.InvestmentPitch.com
(Thomson Reuters ONE) -
Vancouver, British Columbia, October 12, 2011 - ValGold Resources (TSXV:VAL) is
acquiring a 75% interest in a private Ukrainian company, Klinservis - Center
Ltd, which holds a 25 year mining license for the MBK project in western
Ukraine.
The mining license, covering an area measuring approximately 75 square
kilometres, includes the past producing Muzhievo gold-silver mine, along with
the Beregova and Kvasovo projects. The MBK Project acquisition is subject to
regulatory approval and settlement of a final Joint Venture agreement.
InvestmentPitch.com has produced a "video news alert" about ValGold Resources.
If this link is not enabled, please visit www.InvestmentPitch.com and enter
"ValGold" in the search box.
To pay for this transaction, ValGold will, upon completion of due diligence and
the legal confirmation of the mineral title, issue 3.5 million common shares and
pay US$10 million.
The initial payment, subject to regulatory approval, will consist of 1.5 million
shares and $2.5 million. The second payment, consisting of 2 million shares and
$2.5 million, will follow 12 months later, with the final payment of $5 million
occurring within the following 12 months.
The company is well positioned to handle such payments, having recently sold its
ownership of the Garrison gold project for approximately $9 million plus a 2%
Net Smelter Royalty.
Stephen Wilkinson, President & CEO of ValGold commented "We have been monitoring
gold and silver opportunities in the Carpathian region for some time and are
pleased to have now negotiated an agreement with our Ukrainian partners. The
consolidation of the regional exploration properties into the MBK project and
the granting of a 25 year mining licence will enable ValGold to provide the
experienced management, mining and financial expertise needed to develop a
significant gold/silver project for the mutual benefit of both the people of
Ukraine and ValGold shareholders".
This area of the Ukraine has a production history going back to the 12(th)
century. While under USSR control, two of these projects were extensively
drilled by the USSR Ministry of Geology, which published historical C1 + C2
mineable reserves for the Muzhievo project, along with P1 + P2 resource
estimates on the neighbouring Beregova property.
Between 1999 and 2005, a Ukranian state-owned mining company recovered 700
kilograms of gold solely by gravity feed.
The properties come with a great deal of infrastructure in place. Valgold is
also fortunate to obtain a great amount of information about the projects. Some
of these earlier intersections have returned up to 33 metres averaging 3.6 grams
per tonne gold, 31.6 grams per tonne silver, 3.9% lead and 5.7% zinc. These
historical estimates to not comply with current 43-101 standards, but do
indicate the potential size of these mineralized zones.
The shares currently trade at $0.19 and with 38.3 million shares outstanding the
company is capitalized at less than $7.5 million.
For more detailed information about these historic numbers, and the company's
portfolio of other properties, please visit Valgold's website at
www.valgold.com. The company's investor relations is handled by Cindy Chu. She
can be reached at 604-687-4622 or by email at info(at)valgold.com.
InvestmentPitch.com is a multimedia company that provides a combined solution
for creating and hosting financial video content, and distributing it across
multiple platforms to investors and financial professionals.
CONTACT:
InvestmentPitch.com
Barry Morgan, CFO
bmorgan(at)investmentpitch.com
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: InvestmentPitch via Thomson Reuters ONE
[HUG#1554398]
Unternehmensinformation / Kurzprofil:
Datum: 12.10.2011 - 18:04 Uhr
Sprache: Deutsch
News-ID 75487
Anzahl Zeichen: 4547
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 160 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"ValGold Resources (TSXV:VAL) Acquiring Past Producing Gold-Silver Mine and Surrounding Region in Western Ukraine - Video Summary Posted on www.InvestmentPitch.com"
steht unter der journalistisch-redaktionellen Verantwortung von
InvestmentPitch (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
