Minatura Gold - Announces Commencement of Drilling Program in Colombia at its Zaragoza Project.
March 10, 2010, El Bagre, Antioquia, Colombia -- Minatura Gold (OTCBB:MGOL) ("MGOL" or "The Company") announced that it completed the drilling of the first of a fifty-hole drilling program in certain gold mining concessions located in Colombia's Department of Antioquia on 1,775 acres, including the Coco Hondo and Angostura properties (the "Zaragoza Project"). MGOL believes that these areas combine to contain an estimated 50 million cubic meters of tailings and virgin gravels.
The drilling program in the Zaragoza Project is being conducted as part of the preparation of an independent NI 43-101 compliant mineral resource estimate and also an independent SEC Industry Guide 7 report (the "Technical Reports"). The Company engaged Watts, Griffis and McOuat Limited to prepare and complete the Technical Reports together with Mr. John A. Rae, P.Geo who will be operating as the Company's qualified person under NI 43-101. The drilling program is being carried out under Mr. Rae's supervision. Mr. Rae has reviewed the technical content of this news release and confirms its accuracy.
The first hole of the anticipated fifty-hole drilling program was drilled and completed on February 26, 2010. To complete the drilling program, MGOL will be using two churn drills, two SonicSampDrill CRS-V drilling units with crawlers, and is under contract with SonicSampDrill to provide four additional drill masters to operate the CRS-V units.
The areas in the Zaragoza Project were dredged by the Pato Gold Dredging Company in the 1950's with an estimated 700,000 ounces of gold recovered. Based on the historical records of Pato, the recent sampling by MGOL and the inefficient gravity recovery systems of the dredges used by Pato, it is anticipated that a significant amount of the original gold remains to be recovered.
The Company intends to install and operate a bulk sampling plant to test the upper, coarse gravel in the tailings above the water table. The Company expects the plant to be operational by the end of the second calendar quarter in 2010.
MTI Holland to develop feasibility analysis on the Zaragoza Project
In conjunction with the preparation of the Technical Reports, MGOL engaged the services of MTI Holland (a division of IHC Merwede) ("MTI"), a leading alluvial mining consulting firm to prepare a feasibility study and to recommend large-scale mining equipment and recovery systems for MGOL.
About Minatura Gold
Minatura Gold (MGOL.OB) is a US based public company in the business of exploration, development and, ultimately, extraction of precious metals in Colombia, South America. Minatura is dedicated to enhancing shareholder value while adhering to the highest environmental standards in its projects and creating legacy micro-economies for the communities in which Minatura operates. For more info visit: www.minaturagold.com
About Watts, Griffis, and McOuat Limited
Watts, Griffis and McOuat is a Toronto-based firm of independent consulting geologists and engineers that has been serving the needs of the Canadian and international mining community for over 40 years. WGM's primary business is the provision of professional consulting services to the exploration and mining industry. WGM has expertise in every aspect of the mining industry from regional exploration programs through mine development. Services include project management, institutional strengthening, property valuation, due diligence studies, scoping, prefeasibility and feasibility studies, remote sensing and GIS services, database creation, validation and management, and mineral resource/mineral reserve estimation and audits. For more information visit: www.wgm.on.ca
About MTI Holland
MTI Holland ("MTI") (a division of IHC Merwede) is one of the leading research and development institutes for dredging, dredge mining, dredging equipment, and dredging related technologies. MTI offers its services to third parties, in particular dredging companies, government institutions, and consultants. MTI's main expertise concerns the interaction of soil, site conditions, dredging equipment, and dredging. MTI regularly carries out joint studies with third parties like the Delft University of Technology, dredging companies, and major civil engineering consultants. For more information visit: www.mtiholland.com
Forward-Looking Statement: This press release includes certain forward-looking statements. The words "believe", "complete", "anticipate", "will be", "expect", "provide" and similar expressions are intended to identify such forward-looking statements. Such statements involve risks and uncertainties, including, but not limited to, the success of a drilling program, anticipated results of any report or estimate, continued ownership and operation of mining concessions, production of gold at historical rates, costs of operations, delays, and any other difficulties related to producing minerals such as gold, continued maintenance of the operating business, price of gold, marketing and sales of produced minerals, risks and effects of legal and administrative proceedings and governmental regulation, especially in a foreign country, future financial and operational results, competition, general economic conditions, and the ability to manage and continue growth.
Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include market conditions and those set forth in reports or documents we file from time to time with the SEC. We undertake no obligation to revise or update such statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
For further information go to www.minaturagold.com
Contact:
Minatura Gold
Tod Turley, (775) 980-1490
Minatura Gold - Announces Closing of Acquisition of Colombian Gold Mining Assets and Zaragoza Project Drilling Program
January 11 2010, Fernley, Nevada -- Minatura Gold (OTCBB:MGOL) announced today that it completed the closing of the transactions resulting in the acquisition of Colombian mining concessions located in the departments of Antioquia, Bolivar, Caldas and Cordoba which include 21 awarded mining contracts covering approximately 99,000 acres of mining property (the "Concessions"), including the 1,775 acre alluvial gold mining operation in Zaragoza, Antioquia (near El Bagre) (the "Zaragoza Project").
Minatura also entered into agreements with SonicSampDrill (Netherlands) and Sonic Sampling & Supply (California) to provide two CRS-V crawling drilling units, tooling and support equipment together with trained crews to provide drilling, sampling and training services for the Zaragoza Project. The drilling program in Zaragoza is being conducted as part of the preparation of a Form 7/NI 43-101 technical report for MGOL.
In the acquisition transactions, MGOL sold 10,675,466 shares of its common stock to Minatura International LLC, a Delaware limited liability company ("MINTL") in exchange for $3.8 million in cash. In addition, MGOL acquired Colombian mining Concessions and certain mining equipment and other related assets from MINTL's subsidiary Proyecto Coco Hondo S.A.S ("CocoHondo") through MGOL's subsidiary Minatura Colombia S.A.S. ("MCOL"). MCOL assumed approximately $2.2 million in liabilities from CocoHondo and will pay CocoHondo approximately $5.9 million over approximately the next 180 days based on the delivery of bills of sale for the assigned assets. The first bill of sale was executed and delivered on December 31, 2009 and included all the Concessions and all the assets relating to the Zaragoza Project. MCOL has until March 31, 2010 to pay $3.3 million relating to such bill of sale. The remaining assets, primarily those relating to the San Pablo Gold Mine and including one additional mining concession, will be subject to a final bill of sale for approximately $2.6 million anticipated to be delivered in April 2010 when CocoHondo is expected to deliver sufficient financial statements for such assets that will satisfy the SEC public reporting requirements for MGOL. The actual amount of the final bill of sale will be subject to change based on the verifiable book value of the covered assets as of the date of transfer.
MINTL has paid MGOL $10,000 for the option to purchase 100% of the outstanding equity securities of Minatura Nevada Corp. ("MNEV") before June 30, 2010. The purchase price will be paid to MINTL in shares of MGOL common stock equal to the cost basis of the assets of Minatura Nevada as set forth in audited financial statements with a date no older than 90 days from the date of closing. The number of shares will be computed by dividing the purchase price by the average of the trading price on each of the twenty-two consecutive trading days immediately preceding the closing date. It is expected that less than 450,000 shares of MGOL common stock will be issued to MINTL for MNEV assuming an average trading price of $8.25.
In connection with the acquisition transactions, and as a condition to closing, certain shareholders of MGOL cancelled 8,500,000 shares of MGOL common stock. Giving effect to such cancellation, the outstanding number of shares of MGOL's common stock is 17,010,066.
Paul Dias, the CEO of MGOL, stated "[w]e are excited to acquire these important mining concessions and related assets in Colombia and to start our drilling program on the Zaragoza Project. We will immediately start to conduct feasibility studies on several of these concessions and hire mining executive management and consultants to create mining plans in these historically rich gold producing regions."
Forward-Looking Statement: This press release includes certain forward-looking statements. Such statements involve risks and uncertainties, including, but not limited to, the perceived benefits from the acquisition of the Concessions, completing an additional merger with MNEV and some additional asset acquisitions, the continued ownership and operation of mining concessions, production of gold at historical rates, costs of operations, delays, and any other difficulties related to producing minerals such as gold, continued maintenance of the operating business, price of gold, marketing and sales of produced minerals, risks and effects of legal and administrative proceedings and governmental regulation, especially in a foreign country, future financial and operational results, competition, general economic conditions, and the ability to manage and continue growth.
Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include market conditions and those set forth in reports or documents we file from time to time with the SEC. We undertake no obligation to revise or update such statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
For Further information go to www.minaturagold.com
Contact:
Minatura Gold
Tod Turley, (775) 980-1490
Minatura Gold - Announces Approval for Listing in Mergent Manual and News Reports™
September 1, 2009, Medellin, Colombia, SA -- Minatura Gold, (OTCBB:MGOL), with gold production operations in Colombia, announced today that Mergent's Editorial Board has approved Minatura Gold for a listing in Mergent Manuals and News Reports™. Minatura Gold's corporate profile, which includes descriptive text data as well as news and financial statements, will be accessible via Mergent's online and print products, effective September 1, 2009, says Minatura Gold's CEO, Paul Dias.
As part of Mergent's listing services, the new description will be highlighted separately on www.mergent.com with an active hyperlink back to Minatura Gold's website.
The Mergent Industrial Manual and News Reports™ is a recognized securities manual in 38 states for purposes of Blue Sky Manual Exemption. First published in 1918, and formerly known as Moody's™ Manuals and News Reports, the publication was rebranded as Mergent Manuals and News Reports when Mergent, Inc. acquired Moody's™ Financial Information Services division in 1998. Minatura Gold's listing will aid the brokerage community in making a market for the company's stock. However, it is recommended that brokers confirm with their compliance/legal department concerning "Blue Sky" laws in specific states and other regulatory laws that might affect them.
In addition to the Standard Manual Exemption, approximately 20 states exempt trading of securities registered under Section 12(g) of the Securities and Exchange Act of 1934 (Exchange Act Exemption).
About Minatura Gold
Minatura Gold is involved in the operation and acquisition of gold mining concessions in Colombia, in addition to acquiring a dredging equipment manufacturer capable of producing mining equipment utilized in mining operations.
About Mergent, Inc.
Mergent, Inc. has been collecting and delivering financial information since 1900. For over a century, Mergent has built its reputation as an innovative leader in supplying comprehensive, accurate data, along with easy-to-use information tools based on the latest in technology. Mergent offers databases on key financial, fundamental and descriptive data for over 35,000 global public companies from over 100 countries, and 20,000 U.S. municipal entities, as well as extensive company analysis, corporate bond, unit investment trust, corporate actions, mutual fund and dividend information. Located in New York City and Charlotte, North Carolina, Mergent maintains a growing number of sales and service offices in the United States, Canada, the United Kingdom, Australia and Japan.
For Further information go to www.minaturagold.com
Contact:
Minatura Gold
Natalie Penfield, (805) 267-7183 info@minaturagold.com To see New Mergent Listing>>
