Nov 10 2010
American Paramount Gold Corp. (OTCBB: APGA) announced today that they have entered into a letter of intent to acquire the Kisita Gold Mine Property, an operational gold property four hours northwest of the capital city of Kampala in Uganda.
“We are pleased to have the opportunity for involvement in a development with the enormous potential of the Kisita project. Assuming the company's due diligence outcomes are synonymous with the preliminary information we have received, this project has the potential to develop into a major gold mine discovery.”
American Paramount Gold has commenced due diligence and anticipates putting a team of geological consultants on the property in December. The onsite and corporate due diligence is expected to be completed shortly. Hugh Aird, President and CEO of American Paramount Gold states, "We are pleased to have the opportunity for involvement in a development with the enormous potential of the Kisita project. Assuming the company's due diligence outcomes are synonymous with the preliminary information we have received, this project has the potential to develop into a major gold mine discovery."
Lonsdale Acquisitions Corp. a well respected private investment group has operated the project on a limited basis over the past three years. Infrastructure upgrades including roads have been made from production revenues from their hard rock gold mining operations. During recent expansion of the development of the property, they uncovered an area which has shown potential for a large scale gold deposit.
The area exposed is composed of a combination of altered host rocks, veins and vein stock work zones, and is open to extension under alluvial cover. Recent data from this zone has shown the potential to average 3 grams gold per ton. Additionally, as many as twenty other veins and structures have been discovered throughout the 45 square kilometer property.
Source: American Paramount Gold Corp.