CALGARY, May 24, 2013 /CNW/ - Gondwana Gold Inc.
(TSXV:PAO) ("Gondwana" or the "Company") announces that it
views the recent announcement by HRT Participações em Petróleo S.A.
("HRT") (see press release of HRT dated May
20, 2013) regarding the results of the Wingat-1 well in the
Walvis Basin as positive in the context of establishing a working
petroleum system in the deeper waters of Namibia. The recovery of light oil and the
identification of two high Total Organic Content source rock
intervals confirms the Company's view that multiple, mature
oil-prone source rocks are present in the deep offshore. The lack
of significant reservoir at Wingat is not a concern to the Company
as the Company's reservoir targets are deep water basin floor fans
(a.k.a. turbidites) and are much stronger candidates for good
quality reservoir. These deep water basin floor fans have
been identified over the Company's licenses PEL 50 and PEL 51 with
seismic acquired by Pan African Oil Ltd., a wholly-owned subsidiary
of the Company, from Spectrum Geophysical in 2012.
The HRT well results substantiate the Company's
view that the critical juxtaposition of good quality reservoir and
mature source rocks occurs outboard of the recent Namibia drilling targets and affirms both the
turbidite play concept and the prospectivity of the Company's two
licences: PEL 50 in the Walvis Basin and PEL 51 in the Luderitz
Basin.
The Company's licenses are held through Pan
African Oil Ltd., which the Company acquired in March 2013. At the annual general and
special meeting of shareholders of the Company to be held on
June 10, 2013 (the "Meeting"), the
Company will seek shareholder approval to change its name to Pan
African Oil Ltd., reflecting the Company's change to an oil and gas
company. As announced on April 3,
2013, the Company has entered into an agreement with Kanosak
Capital Venture Corporation ("Kanosak") to sell the Company's
African gold exploration properties. The transaction is
subject to customary closing conditions. The Company would
like to note that Dejan Ristic, the
Chief Financial Officer of the Company, also acts as the Chief
Financial Officer of Kanosak. Mr. Ristic played no role in
the negotiation of this transaction.
The Company also announces that J.D. Miller has resigned from the Company's
Board of Directors. Mr. Miller has been a director of the
Company since December 2010, and the
Company would like to thank Mr. Miller for his service and
contributions to the Company.
At the Meeting, Maruf
Raza will be nominated as a director of the Company together
with the three current directors, Gary
Wine, Bongani Mtshisi and John 't Hart. Mr. Raza is a
Partner at Collins Barrow Toronto LLP. Details regarding Mr. Raza
can be found in the Company's management information circular dated
May 8, 2013 filed on SEDAR at
www.sedar.com.
Forward-Looking Statements
This press release contains certain
forward-looking information as defined in applicable securities
laws (referred to herein as "forward-looking statements"),
including, without limitation, those regarding the Company's views
on the announcement by HRT regarding the results of the Wingat-1
well, the presence of multiple, mature oil-prone source rocks in
the deep offshore, the Company's views regarding the
juxtaposition of good quality reservoir and mature source rocks,
the prospectivity of the Company's two licences in the Walvis Basin
and Luderitz Basin, and any statements preceded by, followed by or
that include the words "believe", "expect", "aim", "intend",
"plan", "continue", "will", "may", "would", "anticipate",
"estimate", "forecast", "predict", "project", "seek", "should" or
similar expressions or the negative thereof, are forward-looking
statements. These statements are not historical facts but instead
represent only the Company's expectations, estimates and
projections regarding future events. These statements are not
guarantees of future performance and involve assumptions, risks and
uncertainties that are difficult to predict. Therefore, actual
results may differ materially from what is expressed, implied or
forecasted in such forward-looking statements. Management provides
forward-looking statements because it believes they provide useful
information to readers when considering their investment objectives
and cautions readers that the information may not be appropriate
for other purposes. Consequently, all of the forward-looking
statements made in this press release are qualified by these
cautionary statements and other cautionary statements or factors
contained herein, and there can be no assurance that the actual
results or developments will be realized or, even if substantially
realized, that they will have the expected consequences to, or
effects on, the Company. These forward-looking statements are made
as of the date of this press release and the Company assumes no
obligation to update or revise them to reflect subsequent
information, events or circumstances or otherwise, except as
required by law. The forward-looking statements in this press
release are based on numerous assumptions regarding the Company's
present and future business strategies and the environment in which
the Company will operate in the future, including assumptions
regarding expected yields, future prices, business and operating
strategies, and the Company's ability to operate any future
production facilities on a profitable basis. By their nature,
forward-looking statements involve numerous inherent risks and
uncertainties, both general and specific, which contribute to the
possibility that the predicted outcomes may not occur or may be
delayed. The risks, uncertainties and other factors, many of which
are beyond the control of the Corporation, that could influence
actual results include, but are not limited to: the Corporation's
limited operating history and lack of revenue; exploration,
development and operating risks; risks of operating in Namibia; regulatory risks; financing risks and
dilution to shareholders; stock market volatility; competition;
reliance on management and dependence on key personnel; fluctuating
oil and gas prices and marketability of oil and gas; environmental
risks; governmental regulations, processing licenses and permits;
conflicts of interest of management; uninsurable risks and exposure
to potential litigation.
SOURCE Gondwana Gold Inc.