PAPT - Palisades Petroleum Corporation Message Board

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Gold/Mining/Energy : PAPT - Palisades Petroleum Corporation

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From: jmhollen	8/18/2009 6:10:03 AM
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Palisades Petroleum in negotiations for major project in Guyana Aug. 3, 2009 (M2 Communications Ltd.) -- Junior resources company Palisades Petroleum Corporation (PINK SHEETS: PAPT) (Frankfurt:3X2) on Sunday announced that it is in late-stage negotiations for an acquisition of a large gold and diamond project. The company said that it has almost completed negotiations, details of which were not disclosed, to acquire a highly sought-after mining project located in Guyana, South America in the Mazaruni Area. This project, where Palisades will be mining for both gold and diamonds, was reportedly selected by the company as a result of its relative ease of bringing it into production. In addition, Guyana has a friendly mining environment. Palisades said that it is in talks, contingent on getting this property, to do a joint venture with a US company that owns a property in close proximity to the one that will be possible acquired. This joint venture is expected to lower the company's production costs as well as provide the opportunity to increase its revenues since both properties share the same geological composition. (Comments on this story may be sent to tww.feedback@m2.com) Source: M2 Presswire (August 3, 2009 - 4:31 AM EDT) News by QuoteMedia www.quotemedia.com pinksheets.com and reuters.com .

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