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TORONTO, Sept. 5 /CNW/ - Unigold Inc. ("Unigold" or the "Company") (TSX-V: UGD) is pleased to announce that it has obtained a reconnaissance license for all Minerals and Rocks granted by the Deputy Ministry of Mineral Resources in the Kingdom of Saudi Arabia. This License may include all Locations in the Kingdom. The duration will be for a period two (2) years and may be renewed for another two years. The license provides for reconnaissance of all Minerals and Rocks except Minerals and Materials excluded by the Mining Investment Code. The License entitles the Company to all the rights in the Mining Investment Code and its Executive Regulations including but not limited to the rights to survey and investigate the area indicated in the license and examine ore bodies, collect samples, use geophysical and geochemical method and other scientific methods and any preliminary examinations of land, with potential mining deposits for the designated duration of the License. During the last 40-years, the Deputy Ministry of Mineral Resources has conducted major reconnaissance/exploration of minerals and rocks in the Kingdom and has tremendous information data base library on the mineral wealth of the country.
Dr. Ibrahim M. Eitani, the President and C.E.O. of Unigold, stated that "this License will open fast opportunities to Unigold in the virgin mineral industry of the Kingdom of Saudi Arabia which contains tremendous varieties of Minerals (precious and base metals) and thus provides a valuable blue sky for future development/growth of the Company. Furthermore, the Government of Saudi Arabia is very keen about encouraging the development of and the investment in the mineral industry as well as providing important incentives to accomplish this strategy".
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 an 18-year holiday on all corporate taxes, sales taxes and import duties in the Dominican Republic.
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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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