Business
Completion of the Acquisition of the Gold Ridge...
Completion of the Acquisition of the Gold Ridge....
About this update from Atlas Metals Group Plc
[{"type":"text","content":"\n \n5th November 2018\n\nMetalNRG PLC\n\n(The \"Company\" or “MetalNRGâ€)\n\nCOMPLETION OF THE ACQUISITION OF THE GOLD RIDGE PROJECT\n\nMetalNRG PLC (NEX:MNRG), the natural resource investing company quoted on the NEX Exchange Growth Market in London, is pleased to announce that it has completed 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) by making the final consideration payment, to be satisfied in MetalNRG shares at 1.75 pence per share, as per our previous announcement on 25th July 2018.\n\nHighlights:\n\n\n\nMetalNRG has now acquired 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\nThe Project consists of 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 30th December 2016;\n\n\n\nLack of modern exploration coverage and the 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 agreed to acquire 100% of Gold Ridge for a total consideration, in cash and shares, of US$700,000 (approximately GBP £530,000).\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 the completion of this transaction which is 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.\n\nWith the Gold...