Business
Robert McEwen and Guyana Goldfields Inc. to Invest $2.3 million in Gold Port
Robert McEwen and Guyana Goldfields Inc. to Invest $2.3 million in Gold Port.
About this update from Lithium South Development Corporation
[{"type":"text","content":"\n\n\n\nSymbol: GPO TSX-V\n\n\nVANCOUVER, May 11 /CNW/ - Gold Port Resources Ltd. (the "Company")\n(TSX-V:GPO) is pleased to announce that Mr. Robert McEwen, Chairman and C.E.O.\nof US Gold Corporation (AMEX,TSX:UXG) and Guyana Goldfields Inc. (TSX:GUY)\nhave delivered subscription agreements to subscribe for units of the Company\nin connection with the Company's private placement of units previously\nannounced on March 6, 2007 and April 30, 2007. Mr. McEwen is subscribing for a\ntotal of 2,500,000 units representing 10.33 % of the issued and outstanding\nshares of the Company at closing. Guyana Goldfields Inc. is subscribing for\n2,500,000 units representing 10.33 % of the issued and outstanding shares of\nthe Company at closing.\n\n\nAfter closing, Mr. McEwen and Guyana Goldfields Inc will each have the\nright to participate in future financings for a period of 2 years, in order to\nmaintain their respective percentage interests, subject to certain\nrestrictions. The private placement and the subscriptions by Mr. McEwen and\nGuyana Goldfields Inc. are subject to closing of the financing and TSX Venture\nExchange acceptance.\n\n\nProceeds of the financing will be used to accelerate exploration\nactivities at the Akaiwong, Groete Creek and Five Stars gold exploration\nprojects all located in Guyana, South America. Akaiwong is located\napproximately 20 kilometers southeast of the Aurora Mine, the location of a\nsignificant gold discovery by Guyana Goldfields Inc. Drilling is currently\nunderway at this project. The Groete Creek Project is located approximately 60\nkilometers southwest of Georgetown, the capital. A ground exploration program\nto identify drill targets is planned for this location. The Five Stars Project\nis located 300 air kilometers from Georgetown, and totals approximately 20\nsquare miles. The Company is awaiting results of 900 samples from this\nproject, currently in for assay.\n\n\nRobert McEwen is Chairman and C.E.O. of US Gold Corporation and was the\nfounder, former Chairman and CEO of Goldcorp Inc. He has been honoured with\nsuch awards as the Northern Miner's Man of the Year Award; Ernst and Young's\nOntario Entrepreneur of the Year Award in the Energy Category; the Prospectors\nand Developers Association of Canada's Developer of the Year Award, and most\nrecently recognized as Canada's most in...