Business
Cambridge Capital Announces Acquisitions of Placer Gold Claims
Cambridge Capital Announces Acquisitions of Placer Gold Claims.
About this update from Cambridge Capital Holdings Inc
[{"type":"text","content":"\r\n\r\nCAMBRIDGE CAPITAL ANNOUNCES ACQUISITIONS OF PLACER GOLD CLAIMS\r\n\r\nLOS ANGELES - December 4, 2006 - Cambridge Capital Holdings, Inc. (OTC:CCHI), reports that its newly formed Canadian subsidiary has completed two transactions to acquire placer gold claims in the Yukon Territory and British Columbia. The total cost of the claims is $6.25 million, plus up to $750,000 in potential royalty payments.\r\n\r\nIn the Yukon Territory transaction, CCHI is acquiring the rights to 357 contiguous placer gold claims and 26 lode claims. The claims stretch over 30 miles, with estimated reserves of over 2.5 million ounces of gold. The purchase price was $6.0 million, of which the seller is financing $4.0 million. The balance has been paid in cash. The transaction closed on December 1, 2006.\r\n\r\nIn the British Columbia transaction, CCHI is acquiring the rights to gold claims comprising over 120 acres, with estimated reserves of over 180,000 ounces of gold. The purchase price was $250,000, paid in cash, plus royalties based on actual production, of up to an additional $750,000. The transaction closed on December 1, 2006, and operations are expected to commence in the spring of 2007, based on weather conditions. \r\n\r\nSimultaneously, CCHI, through subsidiaries, has entered into operating agreements with an affiliate of Business Resources LLC to operate the mines.\r\n\r\nAbout Cambridge Capital Holdings, Inc.\r\n\r\nCambridge Capital Holdings, Inc. purchases and sells real estate for investment and/or development through its FiCorp, Inc. subsidiary. The Company owns and conducts gold mining operations through its CCHI Canadian Holdings, Inc. subsidiary. The Company's offices are located in Los Angeles, CA.\r\n\r\nThis press release contains statements that are forward-looking, including comments on future business plans, investments, market conditions, revenue growth, expense management, and outlook. Any number of conditions may occur which would affect important factors in this analysis and materially change expectations. These factors include, but are not limited to, known and unknown risks, changes in technology; success of cost-containment programs; ability to successfully identify, negotiate, close and integrate acquisitions and investment opportunities; shifts in competitive patterns; decisions with regard to products and servi...