TORONTO, ONTARIO--(Marketwired - June 5, 2013) - Desert Gold Ventures Inc. (TSX VENTURE:DAU) (the "Company") is pleased to announce that it has entered into a Joint Venture Agreement with Toro Gold Ltd ("Toro Gold"), a private gold exploration company with a number of permits in Senegal, for the development of the Desert Gold Souroundou Permit (the "Project") in Eastern Senegal.
In terms of the agreement, Toro Gold will earn increasing equity participation in accordance with exploration work conducted.
Following the signature of the agreement and the satisfactory conclusion of certain conditions precedent, Toro Gold will pay Desert Gold USD $100,000 and by spending a further USD $5,250,000 over several project phases, can increase its equity interest in the permit to 75%.
About the Souroundou Permit
The Souroundou permit lies in the Kedougou District of Senegal, approximately 130km north of the city of Kedougou. The permit covers an area of 22,439 ha. The eastern boundary lies on the international boundary with Mali. The Falémé River cuts through the permit.
Roeland van Kerckhoven, CEO of Desert Gold, on the partnership:
"We are very pleased to have entered into a partnership with Toro Gold, a gold exploration company with several projects in Senegal. The agreement is a further step towards realizing the company's intention to focus its exploration activities on its Malian and Rwandan assets."
About Desert Gold
Desert Gold Ventures Inc. is an advanced exploration and development company that holds mining assets in Mali, Rwanda, Senegal.
To learn more, visit our website at: www.desertgold.ca
This press release includes certain "forward-looking statements". All statements regarding the ability of the Company to successfully complete the Proposed Transaction and the Financing, to successfully integrate the businesses of Desert Gold and TransAfrika and to delineate new resources in proposed drilling programs are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. All statements that are not historical facts, including without limitation statements regarding future estimates, plans, objectives, assumptions or expectations of future performance, are "forward-looking statements". We caution you that such "forward looking statements" involve known and unknown risks and uncertainties that could cause actual results and future events to differ materially from those anticipated in such statements. Such risks and uncertainties include the inability of the Company to close the Proposed Transaction and the Financing due to the state of the capital markets and other risk factors as discussed in the Company's filings with Canadian securities regulatory agencies. The Company expressly disclaims any obligation to update any forward-looking statements except as may be required by law.
For further information concerning Desert Gold and the TransAfrika material properties, please refer to Desert Gold's SEDAR profile at www.sedar.com.