Oct 28 2014
Vanguard Mining Corporation today announced that the Company has signed a Memorandum of Understanding with Piedras Y Metales Carvajalto, an Honduran company, to acquire four gold concessions (Platanares, Potosi, Malanova, and Chichipate) with a total acreage of 4,000 hectares and estimated gold deposits of 600,000 troy ounces in Santa Barbara, Honduras for an undisclosed amount of cash.
The company will proceed to further the due diligence review of the concessions and arrange the required financing from institutional investors before entering a definitive agreement for the closing of this transaction if feasible.
On other notes, following additional logistical review mainly for the purpose of exporting gypsum to Vietnam, VNMC has decided not to pursue the acquisition of the gypsum/limestone concession in Nusa Tenggara Timur (NTT). However, the Company will continue to develop the 8,100-hectare gold concession and the gypsum/limestone business in North Sumatra, Indonesia with PT Cendrawasih International and PT Mega Kencana Persada. The shipping distance from North Sumatra to Vietnam is about half of the distance from Flores Timur, NTT to Vietnam, thus making final product price from North Sumatra more attractive to Vietnamese customers.
The Company has negotiated to extend the closing of the PT Cendrawasih and PT Mega Kecana acquisitions until December 31, 2014 and expects to begin further technical survey on these properties very shortly. In addition, the Company will continue to develop the joint operation gold mining project in Central Java and the sand mining projects in Vietnam and Cambodia.
Jalani Haniffa, President of VNMC, stated: "As we proceed with our existing projects, we will continue to investigate new acquisition opportunities that may expand and strengthen our global mineral asset portfolio. We are confident that with diligence and careful selection we will be able to create significant critical mass for the Company in the foreseeable future."
Source: http://www.vnmcglobal.com/