CALGARY, AB--(Marketwire -06/18/12)- Fima (FIMA) has entered into an agreement to fund Warwick Mineral Resources Ltd. ("Warwick"), a Ghanaian company to expand and develop the company's operations in Ghana, West Africa. Warwick is a Canadian/Ghanaian owned mining company, licensed by the Government of Ghana as a Mineral Services Provider. To date Warwick has invested a total of $1,600,000 in its current project. Management of Warwick are seasoned professionals with considerable local knowledge and many years of hands-on experience within the mining industry in Africa, Canada, and the USA. Warwick has been exploring/developing and mining in Ghana since 2005.
Bruce Luckman is the Executive Director of Warwick and manages day to day operations in Ghana. He has had 35 years experience within the resource industry. He has served as an officer and director of public companies trading on the Toronto Venture Exchange as well as the US OTC Marketplace. He has been directly responsible for the start-up of several producing gold mines in British Columbia, Canada, Nevada, USA, and Ghana (Ampenko and Apunyase). Mr. Luckman was born in the United Kingdom and educated at Warwick School. He is based in Accra, Ghana, and Vancouver, Canada.
In Ghana the company is headed by its Managing Director Dr. Johnson Manu B.sc Geology, M.sc Mineralogy, Ph.D Mineralogy/Economic Geology, and an MBA-Finance. Dr. Manu is an accomplished writer, and is the author of numerous publications relating to African gold deposits and their geology. He is a senior lecturer in geology at the University of Ghana. Educated in Germany, Dr. Manu speaks fluent German as well as English and many local dialects. He has served on the board of several expatriate companies as a director and technical advisor. Dr. Manu has a wide range of contacts both political and within the mining industry, in Ghana and throughout Africa. Both Mr. Luckman and Dr. Manu have agreed to join the Fima Inc. Advisory Board.
Fima will initially invest $ 400,000 USD by way of secured loans to Warwick in exchange for a 10% royalty interest on the company's gold production. The funds will be used for equipment purchase (to increase production) for the company's Vincent Property and for working capital. The loan shall be repaid based on 20% of the net gold sales per week and is expected to be fully repaid by February 2013. In addition, Fima has been granted an option to acquire 10% of Warwick. The company estimates that the project will produce $15,000,000 in gross revenue during the next 3 years.
Although slightly smaller than the US State of Oregon, Ghana is the second biggest producer of gold in Africa. The country is stable, has a multi-party democracy and very liberal mining laws. It is rated as one of the most business friendly jurisdictions in Africa. Its population is relatively well educated and has a strong work ethic. The country is a major exporter of gold, diamonds, manganese, and bauxite. English is the major language and the British "rule of law" prevails.
Fima and Warwick have agreed to use their joint expertise and contacts to develop other mining opportunities of merit in Ghana. The focus will be on mature properties with the potential for early production and cash flow. Deposits of base metals, strategic minerals, and rare earths will be part of an ongoing exploration program conducted by the Fima/Warwick team. Exploration programs will be funded by cash flow from operations.
Fima is in negotiations to acquire a further resource project, and will advise shareholders when such negotiations conclude.
Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate," believe," "expect," "future," "may," will," "would," "should," "plan," projected," "intend," and similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of FIMA Inc. (the Company) to be materially different from those expressed or implied by such forward-looking statements.
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Mr. Jeff Berkowitz