Business
Desert Gold Announces Sale of its Goldbanks Project
/NOT FOR DISSEMINATION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNI...
About this update from Desert Gold Ventures Inc.
[{"type":"text","content":"\n\n\n\n\n\n/NOT FOR DISSEMINATION TO UNITED STATES NEWSWIRE SERVICES OR FOR\n DISSEMINATION IN THE UNITED STATES/\n\n\nTSX Venture Symbol: DAU\n\n\nTORONTO, July 11, 2012 /CNW/ - Desert Gold Ventures Inc. (TSX-V: DAU) (the \"Company\" or \"Desert Gold\") is pleased to announce that it has\n entered into an asset purchase agreement (the \"Purchase Agreement\") to\n sell the Company's 50% participating interest in the Goldbanks Mining\n property located in Pershing County, Nevada, USA (the \"Goldbanks\n Project\") to Winnemucca Gold Corp., a privately held Canadian company.\n The Purchase Agreement provides for consideration of $5 million in\n cash, payable as follows: CAD$1,250,000 on closing, with subsequent\n payments of $1,250,000 and $2,500,000 to be made on the 6 month and 12\n month anniversaries, respectively, of the closing date. In the event\n that any of the post-closing payments are not made, all legal and\n beneficial title to the Goldbanks Project will immediately revert to\n Desert Gold.\n\n\nThis sale will allow the Company to focus its resources and efforts on\n its core properties in Africa.\n\n\nAbout Desert Gold Ventures Inc.\n\n\nDesert Gold Ventures Inc. is an advanced exploration and development\n company which holds a portfolio of advanced mineral projects located in\n Rwanda, Mali and Senegal together with a 50% participating interest in\n a joint venture agreement with Kinross Goldbanks Mining Company (a\n subsidiary of Kinross Gold Corporation of Toronto, Ontario) in respect\n of the Goldbanks Mining property located in Pershing County, Nevada,\n USA.\n\n\nThis news release has been prepared on behalf of the Board of Directors\n of Desert Gold, which takes full responsibility for its contents.\n\n\n\nFORWARD-LOOKING STATEMENTS AND TECHNICAL DISCLOSURE\n\n\nThis press release includes certain \"forward-looking statements\".  All\n statements regarding the ability of the Company to successfully\n complete this transaction are forward-looking statements that involve\n various risks and uncertainties.  There can be no assurance that such\n statements will prove to be accurate and actual results and future\n events could differ materially from those anticipated in such\n statements.  All statements that are not historical facts, including\n without limitation statements regarding future estima...