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/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
TORONTO, May 28 /CNW/ - Unigold Inc. ("Unigold" or the "Company") (TSX-V: UGD) is pleased to announce a successful hosting of a Saudi Forum on May 23, 2007. The Forum hosted an elite group of Saudi businessmen who were invited to get informed about the company's past achievements and future plans. The elite group consisted of 17 well known businessmen in Saudi Arabia who are interested in new business opportunities.
Unigold's chairman, Dr. Talal Alshair, and the senior management of the company participated in the event. Dr. Alshair greeted all participants on behalf of the company and on behalf of Shairco who is the major shareholder in Unigold.
The event included the following:
- A presentation by Dr. Ibrahim M. Eitani, President & CEO and member
of the board, on the company's corporate affairs as well as
highlights of what a junior exploration company objectives and
strategies are as well as the benefits of Micro mining suitable for
junior companies. Dr. Eitani also showed the past achievements and
stressed on the milestones to be achieved by the company during the
year 2007.
- A technical presentation on the geologic exploration programs
completed and planned for 2007 was made by Mr. Daniel Danis, Vice
President & COO and a member of the board, who also highlighted some
important facts of being in the business of gold.
- Dr. Talal Alshair closed the event by highlighting the achievements
made during the period of January 2006 to May 2007 and expressed his
vision, to the participants, on the future of the company. This can
be summarised as follows:
- Since the beginning of 2006, the market share price has
reflected the turn around of the company business operations
which in turn has lead to the appreciation of the market share
price from as low as C$0.20/Share to as high as C$0.85/Share.
- This market share price appreciation was realised due to the
qualified/experienced management and the extensive exploration
programs the company has implemented during such a period.
- The company is still pursuing its objective for secondary
listing on the Dubai Stock Exchange which will provide the
opportunity for Middle East businessmen to have access to
trading of the company's shares.
- The company will not remain as a junior exploration company for
long and will get into the mining operation activities in the
near future.
- The company is actively seeking potential business projects,
which will bring value added to Unigold, by way of mergers and
acquisitions and is currently evaluating several such
opportunities.
- The company is also considering diversification of its business
portfolio and is evaluating several gold occurrences, with
potential, in Saudi Arabia.
- The Company will endeavour to build equity for its shareholders
by not only developing the present concessions in the Dominican
Republic but also in other areas of the world.
In conclusion, the chairman invited all participants to be part of Unigold's bright future and most of the participants were very pleased to know about this opportunity and have affirmed their commitments to participate.
About Unigold Inc.
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Unigold Inc. is exploring to find and develop gold deposits on its 100-per-cent-owned 226 km(2) Neita property located in the Dominican Republic. Having the largest land package in the Dominican Republic, the goal is to target bulk tonnage, open pittable, oxide gold deposits within a similar setting to the world class Pueblo Viejo gold project which occurs within a broad northwest trending Cretaceous age volcanic greenstone belt that transects the Dominican Republic. The economics of any discovery will be significantly improved by the fact that Unigold is benefiting from a 20-year holiday on all corporate taxes, sales taxes and import duties in the Dominican Republic.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press release.
Certain statements contained in this document, including statements regarding events and financial trends that may affect our future operating results, financial position and cash flows, may constitute forward-looking statements within the meaning of the federal securities laws. These statements are based on our assumptions and estimates and are subject to risk and uncertainties. You can identify these forward-looking statements by the use of words like "strategy", "expects", "plans", "believes", "will", "estimates", "intends", "projects", "goals", "targets", and other words of similar meaning. You can also identify them by the fact that they do not relate strictly to historical or current facts. We wish to caution you that such statements contained are just predictions or opinions and that actual events or results may differ materially. The forward-looking statements contained in this document are made as of the date hereof and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ materially from those projected in the forward-looking statements. Where applicable, we claim the protection of the safe harbour for forward-looking statements provided by the (United States) Private Securities Litigation Reform Act of 1995.
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