RICHMOND, Ind.--(BUSINESS WIRE)--
South American Gold Corp. (SAGD) is pleased to announce a letter of intent to enter into a joint-venture on the New Light Mining prospect.
The letter of intent (“LOI”) outlines the general terms of a proposed joint-venture to explore the New Light Mine prospect in Washington State. The existing mining lease has been assigned to Kalahari Green Tech in exchange for stock, and the LOI contemplates the parties signing a definitive joint-venture earn-in agreement within 60 days. The earn-in agreements provides that South American will supply its mining expertise for exploration work and earn-in the amount of $200,000 within a twenty four month period to explore the property to earn a back-in interest of forty percent in the project.
South American Gold has entered into this agreement to reduce its exploration expenditures, and to continue to seek additional projects to add leverage for its shareholders.
In other news South American Gold announces it is in the process of reviewing its financial structure and business model to determine the optimum structure to advance shareholder interests in this challenging financing environment. We expect additional news during this fourth quarter and will update shareholders on material developments.
About South American Gold
South American Gold is a junior gold and silver exploration company focused on building shareholder leverage to mineral property interests through acquisition, exploration, development and joint-ventures.. The company’s geographic focus is North and South America, and southeastern Europe.
Web Site: www.sagoldcorp.com
This release contains forward-looking statements that are based on beliefs of South American Gold Corp. management and reflect South American Gold Corp.'s current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities and Exchange Act of 1934, as amended. When we use in this release, the words "estimate," "believe," "intend," "expect," "plan," "may," "should," "will," "can," the negative of these words, or such other variations thereon, or comparable terminology, are all intended to identify forward looking statements. Such statements reflect the current views of South American Gold Corp. with respect to future events based on currently available information and are subject to numerous assumptions, and risk factors outlined in our 10k report, which may cause the actual results, performance, expressed or implied by such forward looking statements to differ materially from the forward looking statements. This information may no longer be accurate and therefore you should not rely on the information contained in this press release. This press release incorporates by reference the Company's filings with the SEC including 10-K, 10-Q, 8-K reports and other filings.
Contact / Investor Inquiries : David Kugelman, Atlanta Capital Partners
Tel 1-866-692-6847 / 1-404-281-8556
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David Kugelman, 1-866-692-6847 / 1-404-281-8556