Geneva Resources Inc.
Geneva Gold Corp. REACHES LETTER AGREEMENT TO ACQUIRE MAJORITY INTEREST IN VILCORO GOLD PROPERTY, PERU
Geneva Gold Corp. / Letter of Intent Corporate news transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------- GENEVA GOLD CORP. REACHES LETTER AGREEMENT TO ACQUIRE MAJORITY INTEREST IN VILCORO GOLD PROPERTY, PERU RENO, Nevada, USA - Jan. 25, 2007 - Geneva Gold Corp. ('the Company') (symbol OTCBB GVGC / WKN AØLFVC) has reached a Letter Agreement with St. Elias Mines Ltd. of Vancouver, Canada to acquire the majority interest of the company’s Vilcoro Gold Property ('the Property'), Peru. The Letter Agreement is subject to the completion of due diligence by Geneva Gold Corp. The Vilcoro Gold Property consists of 600 hectares in central Peru. The entire prospect is underlain by Tertiary Calipuy Volcanics similar to those that host nearby Newmont’s Yanacocha Mine, which has produced 40 million plus oz. gold to date, and Barrick’s Pierina deposit, responsible for over 8 million oz. of gold to date. The Property is favorably located adjacent to the claim block that covers the Lagunas Norte mine, which was brought into production by Barrick Gold within the last two years. In that short time, Lagunas Norte has proven an ore body with more than 9 million ounces of gold. In 2005, 500,000 ounces of gold were produced; last year, that was doubled, in only its second year of production There are four significant gold deposits within 14km to 24 km of the Vilcoro Gold Property: Tres Cruces (1.75 million oz.): Virgen Deposit (400,000 oz.); Arena (420,000 oz.); and the Santa Rosa Mine that is producing approximately 80,000 oz gold per year. Preliminary geological mapping and sampling indicates the Property hosts a gold-bearing epithermal system. Gold values, from anomalous to high-grade, are present in quartz veins, mantos, breccias and hydrothermally altered volcanics over a structural corridor at least 350m x 1,600m. Anomalous gold is accompanied by anomalous silver (up to 31.8 g/t), arsenic (up to 8,480ppm), antimony (up to >10,000ppm), and manganese (up to >10,000ppm). At least seven historic adits on gold bearing quartz veins have been located to date on the Property. Within one of the adits, two samples of a 1.0m thick manto intersected by the quartz vein returned gold grades of 29.1g/t and 56.8g/t. The Vilcoro Gold Property is located at a moderate elevation in the Alto Chicam mining district of central Peru. It can be explored year-round by well-maintained all-weather gravel road that originates at Trujillo on the Pan American Highway. Under the terms of the Letter Agreement, Geneva Gold Corp. has an option to earn a 66% interest in the Property in consideration of making cash to St. Elias totaling US$350,000, issuing 50,000 shares of the Company’s stock to St. Elias; incurring a exploration expenditures on the Vilcoro Gold Property of US$2,500,000 and completing a bankable feasibility study on the Property over a three-year period. Geneva Gold Corp. agrees to carry St. Elias to production. Geneva Gold Corp. is a mineral exploration company participating in known mineral producing regions of the Americas. The Company is focused on the exploration and advancement of well-defined gold, copper and group metal prospects. Geneva Gold Corp.’s current exploration initiatives include the Minera Petaquilla area, Panama, and the Vilcoro Gold Property, central Peru. For further information see: www.genevagoldcorp.com The technical information contained in this news release has been verified by John Brophy, P. Geo., a Canadian geologist residing in Peru, who is a qualified person as defined in 'National Instrument 43-101, Standards of Discloser for Mineral Projects.' Symbol: OTCBB – GVGC; Frankfurt/Berlin Symbol – R3M, WKN No.: AØLFVC; ISIN: US372Ø6Ø1Ø34 Contact North America: Investor Relations Tel.: + 1 866-418-6011 Contact Europe: International Market Trend AG Tel.: + 41-43-888-67-00 SAFE HARBOR STATEMENT THIS NEWS RELEASE CONTAINS 'FORWARD-LOOKING STATEMENTS', AS THAT TERM IS DEFINED IN SECTION 27A OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE UNITED STATES SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. STATEMENTS IN THIS NEWS RELEASE, WHICH ARE NOT PURELY HISTORICAL, ARE FORWARD-LOOKING STATEMENTS AND INCLUDE ANY STATEMENTS REGARDING BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS REGARDING THE FUTURE. EXCEPT FOR THE HISTORICAL INFORMATION PRESENTED HEREIN, MATTERS DISCUSSED IN THIS NEWS RELEASE CONTAIN FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO CERTAIN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH STATEMENTS. STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS THAT ARE PRECEDED BY, FOLLOWED BY, OR THAT INCLUDE SUCH WORDS AS 'ESTIMATE,' 'ANTICIPATE,' 'BELIEVE,' 'PLAN' OR 'EXPECT' OR SIMILAR STATEMENTS ARE FORWARD-LOOKING STATEMENTS. RISKS AND UNCERTAINTIES FOR THE COMPANY INCLUDE, BUT ARE NOT LIMITED TO, THE RISKS ASSOCIATED WITH PROPERTY DEVELOPMENT AND FUNDING AS WELL AS THE RISKS SHOWN IN THE COMPANY’S MOST RECENT ANNUAL REPORT ON FORM 10-KSB AND ON FORM 10-QSB AND FROM TIME-TO-TIME IN OTHER PUBLICLY AVAILABLE INFORMATION REGARDING THE COMPANY. OTHER RISKS INCLUDE RISKS ASSOCIATED WITH THE REGULATORY APPROVAL PROCESS, COMPETITIVE COMPANIES, FUTURE CAPITAL REQUIREMENTS AND THE COMPANY’S ABILITY AND LEVEL OF SUPPORT FOR ITS EXPLORATION AND DEVELOPMENT ACTIVITIES. THERE CAN BE NO ASSURANCE THAT THE COMPANY’S DEVELOPMENT EFFORTS WILL SUCCEED AND THE COMPANY WILL ULTIMATELY ACHIEVE COMMERCIAL SUCCESS. THESE FORWARD-LOOKING STATEMENTS ARE MADE AS OF THE DATE OF THIS NEWS RELEASE, AND THE COMPANY ASSUMES NO OBLIGATION TO UPDATE THE FORWARD-LOOKING STATEMENTS, OR TO UPDATE THE REASONS WHY ACTUAL RESULTS COULD DIFFER FROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS. ALTHOUGH THE COMPANY BELIEVES THAT THE BELIEFS, PLANS, EXPECTATIONS AND INTENTIONS CONTAINED IN THIS NEWS RELEASE ARE REASONABLE, THERE CAN BE NO ASSURANCE THOSE BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS WILL PROVE TO BE ACCURATE. INVESTORS SHOULD CONSIDER ALL OF THE INFORMATION SET FORTH HEREIN AND SHOULD ALSO REFER TO THE RISK FACTORS DISCLOSED IN THE COMPANY’S PERIODIC REPORTS FILED FROM TIME-TO-TIME WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION. THIS NEWS RELEASE HAS BEEN PREPARED BY MANAGEMENT OF THE COMPANY WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS. EACH OF THE NASD, THE SEC AND THE OTCBB NEITHER APPROVES NOR DISAPPROVES OF THE CONTENTS OF THIS NEWS RELEASE. THIS NEWS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR SHALL THERE BE ANY SALE OF THESE SECURITIES IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION. DGAP 25.01.2007 ----------------------------------------------------------------------
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