Business
ACQUISITION OF GOLD RIDGE PROJECT
ACQUISITION OF GOLD RIDGE PROJECT.
About this update from Atlas Metals Group Plc
[{"type":"text","content":"\n \n25th July 2018\n\nMetalNRG PLC(The \"Company\" or “MetalNRGâ€)\n\nACQUISITION OF GOLD RIDGE PROJECT\n\nMetalNRG PLC (NEX:MNRG), the natural resource investing company quoted on the NEX Exchange Growth Market in London announces that it has signed a sales and purchase agreement for the acquisition of the Gold Ridge Project in Arizona, U.S.A, which includes three historically producing gold mines, from Winston Gold Corporation (“Winston Gold†CSE:WGC).\n\nHighlights:\n\n\n\nMetalNRG has agreed to acquire all the interests of Winston Gold in the project known as Gold Ridge Project (“Gold Ridge†or the “Projectâ€), located in the Dos Cabezas Mining District, Cochise County, south-eastern Arizona, United States of America;\n\n\n\nProject consists approximately 2,305 acres (9.3km2) of tenement including 343 acres of patented mining claims, 112 company-owned un-patented mining claims; and 12 leased un-patented mining claims;\n\n\n\nThe interests acquired include three historical producing gold mines; Gold Prince mine; Gold Ridge mine and Dives mine; each was worked over various intervals between discovery in 1877 and 1996;\n\n\n\nProject has a NI43-101 compliant Technical Report dated 30 December 2016;\n\n\n\nLack of modern exploration coverage and existence of at least three high grade gold deposits within the Project’s 5.2km of shear zone strike, results in strong potential for the discovery of further gold mineralisation and for establishing compliant Resources.\n\n\n\nMetalNRG has agreed to acquire 100% of Gold Ridge for a total consideration, in cash and shares, of US$700,000 (GBP £529,942).Further details of the consideration are set out below.\n\n\n\nArizona is a mining friendly jurisdiction with an established permitting framework. Fraser Institute 2017 Investment Attractiveness Index ranked Arizona 2ndby US State (after Nevada) and 9th/ 91 globally.\n\nRolf Gerritsen Chief Executive Officer of MetalNRG PLC commented:\n\n\"I am delighted to announce this transaction which will be the Company’s first major acquisition. The acquisition of Gold Ridge in Arizona comes at a time when there is an increasing interest in gold production opportunities and when Arizona mining in general is drawing particular interest after South32’s recent bid to acquire Arizona Mining for US$1.3billion.\n\nWith the Gold Ridge t...