Caerus to acquire Colombia gold explorer, White Gold
2009-07-09 09:11 ET - News Release
Shares issued 10,096,799
CA Close 2009-07-08 C$ 0.45
Mr. Adrian Hobkirk reports:
CAERUS COMPLETES DEFINITIVE AGREEMENT TO ACQUIRE COLOMBIAN GOLD EXPLORER
Vancouver, BC July 9, 2009 - Caerus Resource Corporation (TSX-V: CA) is pleased to report it has entered into Definitive and Arrangement Agreements for the 100% acquisition of White Gold Corp. "White Gold," a private Alberta corporation, engaged in gold exploration in Colombia, South America. As announced June 15, 2009, White Gold has applied to acquire a large, strategic property portfolio totalling approximately 220,000 hectares in some of Colombia's most important gold exploration and mining regions.
The mineral exploration concessions solicited by White Gold are located in three of Colombia's major gold areas. The largest group of concessions -- approximately 180,000 hectares -- is in the "Sura Gold Region" in northeast Colombia that includes land in and around the California-Vetas mining district, host to Greystar Resources Ltd.'s (TSX: GSL) multimillion-ounce Angostura gold deposit, and Ventana Gold Corp's (TSX: VEN) La Bodega gold discovery. White Gold is positioned to be the largest landholder in this prolific gold camp.
White Gold has also applied for a single concession of approximately 500 hectares located adjacent to Continental Gold Ltd.'s flagship Buritica gold project in Antioquia department. The balance of White Gold's applications are in the departments of Tolima and Quindio consisting of three distinct blocks near the La Colosa project, one of the largest new gold discoveries in South America, made last year by AnlgoGold Ashanti Ltd. (NYSE: AU).
All the areas claimed by White Gold are currently "in process" and are expected, though not guaranteed, to be granted over the coming months.
Closing of the transaction is contingent upon but not limited to the following:
Approval of the TSX Venture Exchange, other regulatory bodies and shareholder approval from both White Gold and Caerus;
Completion of legal due diligence by Caerus; including a property title opinion and
The completion of a NI 43-101 compliant report on the project(s).
Mr. Paul Pelke, a Qualified Person under NI 43-101, is currently on site in Colombia on behalf of the Company. Mr. Pelke is completing a project review which will include sampling of certain claims. All samples will be assayed by ALS Chemex Laboratories in Colombia. The Company has also retained the law firm of Margarita Ricaurte, a well-regarded firm in Bogota to complete the legal due diligence.
On Behalf of the Board of Directors of Caerus Resource Corporation
Adrian F.C. Hobkirk / President and Chief Executive Officer
On Behalf of the Board of Directors of White Gold Corporation
John Gomez / President and Chief Executive Officer
The TSX Venture Exchange has not reviewed the content of this News Release and therefore does not accept responsibility or liability for the adequacy or accuracy of the contents of this News Release. This news release contains certain " forward- looking statements " within the meaning of Section 21E of the United States Securities and Exchange Act of 1934, as amended. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward- looking statements. Forward-looking statements are based upon opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors which could cause actual results to differ materially from those projected in the forward- looking statements. The reader is cautioned not to place undue reliance on forward-looking statements. The transaction described in this News Release is subject to a variety of conditions and risks which include but are not limited to : regulatory approval, shareholder approval, market conditions, legal due diligence for claim validity, financing, political risk, security risks at the property locations and other risks. As such, the reader is cautioned that there can be no guarantee that this transaction will complete as described in this News Release. We seek safe harbour.
We seek Safe Harbor. |
