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Cambridge Capital Announces Agreement to Acquire Additional Placer Gold Claims and Mining Equipment
Cambridge Capital Announces Agreement to Acquire Additional Placer Gold Claims and Mining Equipment.
About this update from Cambridge Capital Holdings Inc
[{"type":"text","content":"Cambridge Capital Holdings, Inc. (OTC:CCHI), reports that its Canadian subsidiaries have entered into two agreements to acquire additional placer gold claims and mining equipment in the Yukon Territory and British Columbia. The mines are named Maisy Mae Mine and Stanley Placer Mine, respectively.\n\nIn the Maisy Mae Mine transaction, CCHI has agreed to acquire the rights to 106 contiguous placer gold claims and numerous items of equipment and machinery to be used in the mining of the claims. The claims have estimated reserves in excess of 200,000 ounces of gold. The total purchase price will be $2.6 million USD, of which $160,000 USD has been paid to the seller. An additional $1.44 million USD has been deposited in an interest bearing trust account pending completion of due diligence, title searches and transfer of water and mining rights. The balance of $1 million USD will be paid over a three year period. The transaction is expected to close on or before June 15, 2007. \n\nIn the Stanley Placer Mine transaction, CCHI has obtained an option to acquire the rights to a single placer gold claim comprising approximately 850 acres. Once the estimated reserves of gold have been determined, the Company will decide whether or not to exercise its option. If exercised, the total purchase price will be $300,000 CAD, plus royalties based on actual production, of up to an additional $1.7 million CAD. The transaction is expected to close on or before November 30, 2007. \n\nIn connection with the acquisitions, CCHI Canadian Holdings, Inc. formed a new wholly owned subsidiary, Maisy Mae Mining, Inc., which will be assigned ownership of the Maisy Mae Mine after closing. The Stanley Placer Mine abuts the Company's Dryup Gulch Mine, and its operations will be assigned after closing to CCHI Dryup Gulch, Inc., another wholly owned subsidiary of CCHI Canadian Holdings, Inc.\n\nSimultaneously, CCHI, through subsidiaries, has entered into an operating agreement with an affiliate of Business Resources LLC to operate the Maisy Mae Mine.\n\nBoth transactions are subject to ongoing due diligence and title searches to be completed by the Company prior to closings. However, the Company is scheduled to commence mining operations at both the Maisy Mae Mine and its previously acquired Dryup Gulch Mine by the end of May, 2007.\n\nAbout Cambridge Capital Holding...