In this seventeen-minute interview conducted by Charles Gibson from @Edison_Inv_Res they talk about the Company’s 100% owned Gold Ridge project in Arizona, USA. MetalNRG have recently entered into an agreement, the HofT Agreement, with a UK based, privately owned Oil Gas operator.
Arizona Gold Ridge Gold Mine
As reported on 2nd March the required permits have been granted to enable the Company to operate the Gold Ridge mine. During the lockdown period the Company has carefully reviewed available data and has reviewed proposals from US based contractors to carry out exploration work on un-worked ground, between levels 4 and 6 of the Gold Prince Mine.
The ultra high-grade sample from the pillar boulder, at 115 ounces per tonne, is an indication of the potentially high-grade gold retained in the pillars, and as a near term revenue source pillar processing conducted safely could provide material and early revenue stream for the Company.
The very high-grade gold sample our contractors identified visible gold within level 6 and whilst assessing the pillars. As a result the Company decided to implement a fast track review of the pillars’ gold mineralisation, which may provide an additional, potentially significant and relatively near term revenue opportunity for the Company, alongside processing of gold in the waste dumps which we are preparing for in parallel.
UK Oil & Gas – HofT Agreement
The transaction has the objective of transferring 100% of the equity capital from the Vendors to a Joint Venture (JV) composed of MetalNRG and a number of Private Investors (“PIs”), who will become the management team of the operating company. MetalNRG will retain control over the operations of the Joint Venture with the PI’s.
Romania Oil & Gas Transaction
As previously reported, the due diligence process on the potential Oil & Gas acquisition in Romania was completed last March. The oil price crisis resulting from the current Covid-19 pandemic and the price war within the sector, have required us to propose to the vendor alternative commercial terms, which are significantly different from those initially proposed. The new commercial terms are being considered by the vendor.
In view of the significant constraints and travel restrictions imposed by governments due to Covid-19, the Company has not levied a specific timeline on the vendor for its response and the Company remains comfortable with the current open-ended, non-binding offer.
Meanwhile the Company is screening other potential opportunities in the UK and Romania, in pursuance of our strategy to create a balanced portfolio of low-risk Oil & Gas producing assets.
Rolf Gerritsen, CEO of MetalNRG commented “I am pleased with the progress we have made on the UK Oil & Gas transaction. I look forward to providing more news on this transaction and the Romanian opportunities. We are working hard at de-risking the Gold Ridge operations further and we are continuously reviewing other opportunities, which is an ongoing process. I believe we have an extremely bright future in front of us and look forward to reporting on our progress over the next few months.”
