Angus Mining and Forsys Metals Announce the Full Renewal of the Ondundu Exploration License, and Creation of Partnership with Em
19 July 2011 - 6:30AM
Marketwired
Angus Mining (Namibia) Inc. ("Angus" or the "Company") (TSX
VENTURE: ANA), in partnership with Forsys Metals Corp. ("Forsys")
(TSX: FSY), is pleased to announce the full renewal of Exclusive
Prospecting License 3195 ("EPL 3195") relating to the Ondundu Gold
Project in Central Namibia, and the establishment of a partnership
with a local, empowered Namibian corporation.
The Namibian Ministry of Mines and Energy granted the renewal of
EPL 3195 for a period of two years, ending May 30th 2013. The
license requires Forsys and Angus to incur development expenditures
of Namibian $32,850,000, or approximately Canadian $ 4,670,000
during that period.
Angus has completed the expenditures required to earn an initial
50.1% stake in the Ondundu Property, and expects to exercise this
option in the third quarter of 2011. Angus has the option to
acquire an additional 24.9% interest in the project by incurring an
additional C $6,000,000 in exploration expenditures by November
6th, 2012.
Angus and Forsys are also pleased to announce the formation of a
local partnership with Minden Investments Ltd. ("Minden"), an
empowered Namibian corporation. The partnership with Minden was
formed to facilitate the direct participation of the Namibian
community in the development process of the Ondundu Project, and to
provide the Namibian community with a means by which to benefit
directly from the project. Through the creation of a joint venture
agreement, Minden has been granted an option to earn up to a 10%
stake in the Ondundu Project.
About Angus
Angus Mining (Namibia) Inc. is a Canadian based precious metals
exploration company focused on developing the Ondundu Gold Project
in West-Central Namibia via a joint venture agreement with Forsys
Metals Corp. The Company's goal is to deliver superior shareholder
returns by identifying, acquiring and developing high quality
assets in a safe and socially responsible manner. Angus Mining is
committed to providing economic and social benefit to the Namibian
community through the responsible development of mining assets in
the Country.
FORWARD-LOOKING STATEMENTS
Certain information set forth in this press release contains
"forward-looking statements" and "forward-looking information"
under applicable securities laws. Except for statements of
historical fact, certain information contained herein constitutes
forward-looking statements which include management's assessment of
Angus' future plans and operations and are based on each company's
current internal expectations, estimates, projections, assumptions
and beliefs, which may prove to be incorrect. Some of the
forward-looking statements may be identified by words such as
"expects" "anticipates", "believes", "projects", "plans", and
similar expressions. These statements are not guarantees of future
performance and undue reliance should not be placed on them. Such
forward-looking statements necessarily involve known and unknown
risks and uncertainties, which may cause Angus' actual performance
and financial results in future periods to differ materially from
any projections of future performance or results expressed or
implied by such forward-looking statements. There can be no
assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Elgin and
Angus undertake no obligation to update forward-looking statements
if circumstances or management's estimates or opinions should
change except as required by applicable securities laws. The reader
is cautioned not to place undue reliance on forward-looking
statements.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Contacts: Angus Mining (Namibia) Inc. Fraser Buchan President
and CEO (416) 640-1933 fbuchan@83yonge.com
(TSXV:ANA)
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