DAR ES SALAAM, TANZANIA--(Marketwire -03/07/12)-
Dar es Salaam, Tanzania, March 7, 2012 - Handeni Gold Inc. (the "Company" or "Handeni Gold") (OTC.BB: HNDI.OB - News). Handeni Gold is hereby responding to a news release issued by Ruby Creek Resources, Inc., ("Ruby Creek") on March 1, 2012 with regards to a lawsuit filed by Ruby Creek against Handeni Gold in the Supreme Court, State of New York, on February 8, 2012.
In the New York lawsuit, Ruby Creek alleges that Handeni Gold participated in a fraudulent transfer of certain mineral property interests in Tanzania that Ruby Creek had the right to purchase pursuant to a series of agreements with Handeni Gold. Ruby Creek's claims are completely unfounded and entirely without merit. Handeni Gold did not at any time breach the agreements or participate in a fraudulent transfer as alleged by Ruby Creek.
Ruby Creek is in fact the party that breached the agreements. As a result, on February 23, 2012, the Company filed a lawsuit against Ruby Creek in the Supreme Court of British Columbia, seeking relief for Ruby Creek's breach of its payment obligations under these agreements and seeking an order that Ruby Creek immediately remove the U.S. restrictive legend from Ruby Creek shares issued to Handeni Gold under the agreements. To date, Ruby Creek is in default with respect to over $1.3 million in scheduled payments due to Handeni Gold under the agreements. In addition, Ruby Creek has refused to allow Handeni Gold to remove the U.S. restrictive legend affixed to the share certificate representing 4,000,000 Ruby Creek shares issued to Handeni Gold as partial consideration to purchase the mineral property interests under the agreements, thereby wrongfully preventing and delaying Handeni Gold from reselling the shares.
About Handeni Gold The Company is an emerging mineral exploration company focused on exploring and developing mining opportunities in Tanzania. For more information, go to www.handenigold.com. Safe Harbour Statements Except for the statements of historical fact contained herein, the information presented in this news release constitutes "forward-looking statements" as such term is used in applicable United States and Canadian laws. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans, "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and should be viewed as "forward-looking statements". Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the actual results of exploration activities, the availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares, accidents, labour disputes and other risks of the mining industry including, without limitation, those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, title disputes or claims limitations on insurance coverage. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release. Forward looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including, the risks and uncertainties outlined in our most recent financial statements and reports and registration statement filed with the United States Securities and Exchange Commission (the "SEC") (available at www.sec.gov) and with Canadian securities administrators (available at www.sedar.com). Such risks and uncertainties may include, but are not limited to, the risks and uncertainties set forth in the Company's filings with the SEC, such as the ability to obtain additional financing, the effect of economic and business conditions, the ability to attract and retain skilled personnel and factors outside the control of the Company. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by applicable law. Although the Company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. Investors should consider all of the information set forth herein and should also refer to the risk factors disclosed in the Company's periodic reports filed from time-to-time with the SEC. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities of the Company nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
228 Regent Estate, Dar es Salaam, Republic of Tanzania T ?255-222-70-00- 84 www.handenigold.com · Trading Symbol: HDNI
This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Handeni Gold Inc. via Thomson Reuters ONE
Handeni Gold Inc.