Angus Mining Completes Acquisition of Silver Reef Resources
09 August 2011 - 6:47AM
Marketwired
Angus Mining (Namibia) Inc. ("Angus" or the "Company") (TSX
VENTURE: ANA), further to the press release on June 16, 2011, is
pleased to announce that it has completed the acquisition of a 68%
interest in the undiluted share capital of Silver Reef Resources
Ltd. ("Silver Reef"), a privately held company incorporated under
the laws of British Columbia, through the purchase of 20,500,000
units of Silver Reef from Elgin Mining Inc ("Elgin"). In
consideration, Angus paid Elgin C$1,000,000 in cash and issued
4,411,764 shares at $0.34 per share. Elgin now holds a 10.7%
interest in the outstanding capital of Angus on an undiluted basis.
The Silver Reef units acquired by Angus each consist of one common
share or Silver Reef and one warrant, 18,000,000 warrants are
exercisable for $0.15 per Silver Reef Share and expire on November
12, 2012 and 2,500,000 warrants are exercisable for $0.25 and
expire on November 12, 2015.
Silver Reef is a privately held precious metals exploration
company with operations based in Central Nevada, USA. Silver Reef
has the option to earn a 100% interest in 8 properties covering in
excess of 14,000 acres, which include several small past-producing
open pit mines, shafts with underground workings, and other
indications of economic mineralization. All of the optioned
properties have been drilled historically, and Silver Reef is in
the process of compiling drilling data, and completing NI 43-101
technical reports on four of the largest claim packages.
Two of the projects, Reveille and Freiburg, supported
small-scale, high-grade silver production as recently as the early
1980's, however were shut down as the result of declining commodity
prices. Geotech Ltd. has completed airborne geophysical studies of
both projects, which Silver Reef has used to prioritize targets for
a phase 1 drilling campaign scheduled to begin in Q3, 2011.
In order to earn a 100% interest in Reveille, Silver Reef must
make cash payments of up to $1.25 million by August 15, 2013, incur
$7.5 million in mining work expenditures by February 13, 2014 and
issue up to 5,000,000 shares upon the occurrence of certain events.
The property will also be subject to certain royalties. With
respect to Freiburg and other claims, Silver Reef may earn a 100%
by spending an aggregate of $5 million and making certain
additional cash payments and subject to certain royalties. Silver
Reef has spent approximately $1 million to date in the earn-in
process.
Silver Reef is managed by a team of professional Geologists
including George Nicholson, a private consultant with extensive
experience in intrusive related ore bodies, and Gary Deschutter, a
former senior Geologist with Falconbridge and, more recently Anglo
American.
Silver Reef is currently financed through the first stage of
drilling at Reveille and Frieburg.
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. Angus
undertakes 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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