CIC Gold Group Limited Corporate Update June 2015 (5823R)

TIDMCICG

RNS Number : 5823R

CIC Gold Group Limited

29 June 2015

CIC GOLD GROUP LIMITED

("CIC Gold" or the "Company")

Operational Update

CIC Gold (LSE: CICG) is pleased to provide the following general corporate update.

Following admission to trading on 23 June 2015, the Company has now commenced operations and has begun to actively undertake operations in-line with the implementation of its business strategy as set out in the Admission Document.

The Company is currently investigating a number of acquisition opportunities, all of which the Directors' believe fit within the Company's acquisition policy, and discussions with a number of parties have commenced. To effect appropriate due-diligence and to minimise any risk to the Company, leading industry advisors will be engaged to:

   i)    Provide independent reports; and 

ii) Provide competent independent advice to mitigate and/or manage any risk exposure to the Company.

The Company is currently in discussions with the following internationally recognised technical advisors, with a view to appointing them to our team of advisers:

   i)     SRK Consulting principally to provide: 

-- Technical Report to Canadian NI 43-101 and JORC Reports for public reporting of minerals exploration results, mineral resources and ore reserves or equivalent standard (non exclusive advisory);

-- Structural Geology Reports - The field mapping, interpretation and understanding of structures at a regional and license scale is a fundamental part of any exploration programme. Understanding the development of structures ('kinematic analysis'), and the forces responsible ('tectonic events'), is key to recognising which geometries to expect and their relative timing to the mineralising events, in order to guide exploration in particular exploration drilling. This will reduce the considerable risk of poor drill hole selection and consequential costs; and

-- Geotechnical Report - an efficient and effective geotechnical study is an integral component of any proposed mine or mining project. The study also provides a standard to which mineral sampling, drilling core logs and other on site data is to be secured to ensure that the integrity and accuracy of resources is reported.

   ii)    SGS Lakefield Ore Test to provide: 
   --     Metallurgical testing and prefeasibility studies. 
   iii)    Triple Gold Mining Group, one of China's leading oxide gold miners, to provide: 
   --     On site logistics to support exploration and development; and 
   --     Mine resources to conduct any toll mining of gold oxide deposits on a royalty basis. 

The Company will make further announcements in due course.

 
Enquires: CIC Gold Group Limited 
  Dr Geoffrey P. Cowley, Chief Executive   Mobile: [phone] 
   Officer 
                                           Email: [e-mail] 
  VSA Capital Limited 
  Andrew Raca                              Phone: [phone] 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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