Let's see 20,000 hectares = 41,000 acres (total costs $3Million)
NEW YORK, July 31 /PRNewswire/ -- Money Guild, Inc. (OTC Bulletin
Board: MYGD) announced today that it has entered into an option
agreement with Grosmin, C.A. to acquire two distinct lumber and mining
concessions located in Venezuela. The two parcels known as Hato La
Dominga and Miribisi comprise approximately 20,000 hectares.
Money Guild, Inc. (the "Company") is presently conducting its due diligence
and anticipates a closing within ninety days of the date of the option
agreement. Such due diligence will include geologic exploration, mapping,
sampling, surveying, analyzing existing reports and will include a "timber
cruise" of the lumber concession. In the event that the Company is satisfied
with the results of the due diligence, the Company may purchase either one
or both of Hato La Dominga and Miribisi, respectively. The acquisition of
Hato La Dominga and Miribisi will enable the Company to exploit both the
timber and subterranean mineral and alluvial resources which are believed to
include gold and diamond deposits. However, the Company is not yet in a
position to substantiate this until further investigation is completed on the
properties.
The purchase price of Hato La Dominga and Miribisi are $2,000,000
(USD) and $1,000,000 respectively (USD).
In addition, David Phipps was elected a director of the Company. Mr.
Phipps is an international businessman.
The Company plans to issue an expanded news release as information is
available.
SOURCE Money Guild, Inc. |
