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Share Name | Share Symbol | Market | Type |
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Wesgold Minerals | TSXV:WSG | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
VANCOUVER, Dec. 6, 2011 /PRNewswire/ - Wesgold Minerals Inc. (TSX-V: WSG) (the "Company") provides an update on the status of the option to acquire up to a 51% interest in the Cordoba Property from Minatura International LLC ("Minatura"), which was previously announced on June 6, 2011.
The Company has been informed by Minatura that three of the concession applications that make up part of the Property have been granted and are now legal contracts. This has been confirmed by Wesgold's Colombian legal counsel. However, the applications in respect of those portions of the Cordoba Property for which a NI 43-101 compliant technical report has been prepared have not yet been converted. While Minatura has advised the Company that it expects the remaining concessions to be granted in the coming months, the Company has been informed that in several speeches and interviews, including a conference organized by the Colombian-Canadian Chamber of Commerce, the Colombian Mines and Energy Minister ("Minister") has made statements that have created some uncertainty about when, if ever, such key remaining concessions will be granted. Minatura has assured the Company that the Cordoba Property does not fall under the areas declared "strategic" by the Colombian Mines and Energy Ministry and therefore all concession applications will be granted in due course.
The Company's option on the Cordoba Property is conditional upon the Company having acquired an 11% interest in shares of Minatura, which itself is conditional upon TSX-V approval. The TSX-V has approved the acquisition of the 11% interest subject to the Company completing the necessary financing. The Company remains committed to the agreement with Minatura on the Cordoba Property, however, in light of the recent statements by the Minister regarding the grant of mining concessions in Colombia, several potential investors in the financing transaction have requested that the proceeds of their investment be escrowed until the area of the Cordoba Property that is the subject of the NI 43-101 report is granted as a mining concession. The TSX-V's final approval of the transactions with Minatura may be delayed depending on the amount of the financing proceeds that are subject to the escrow and whether the Company is able to obtain alternative sources of financing on commercially reasonable terms.
About Wesgold Minerals
Wesgold Minerals Inc. is a Vancouver-based mineral exploration company focused on the acquisition and exploration gold and copper projects in Colombia. Wesgold recently optioned from Minatura the Cordoba property, covering 25,790 hectares in the Department of Cordoba, Colombia, 200km north of the city of Medellin.
WESGOLD MINERALS INC.
Per: "Simon Ridgway"
Simon Ridgway, Chairman of the Board
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this news release.
Forward-looking Statements
This press release contains "forward-looking statements".
Forward-looking statements involve known and unknown risks,
uncertainties, assumptions and other factors which may cause actual
results, performance or achievements of the Company to be materially
different from any expectations expressed or implied by the
forward-looking statements. Forward-looking information in this press
release includes, but is not limited to, statements regarding the
expected timing for the grant of further concessions in respect of the
Cordoba Property, statements regarding the Company's private placement
financing and potential delays in completion of the financing,
statements regarding the grant of the option on the Cordoba Property
and the Company's acquisition of an 11% interest in Minatura. The
forward-looking information disclosed herein is based on a number of
assumptions including, among other things: that the information
received by the Company regarding the Minister's statements is correct,
that the information provided by Minatura regarding the expected timing
for the grant of the remaining concessions is correct, that the
government of Colombia will proceed in the way suggested by the
Minister and/or Minatura, that potential investors in the financing
transaction will require an escrow of the financing proceeds and that
the Company will complete the necessary financing and acquire the 11%
interest in Minatura. Readers are cautioned not to place undue reliance
on the forward-looking statement, which is given as of the date it is
expressed in this press release, and, except as required by law, the
Company assumes no obligations to update or revise forward-looking
information to reflect new events or circumstances.
SOURCE Wesgold Minerals Inc.
Copyright 2011 PR Newswire
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