MetalNRG Completion of the Acquisition of the Gold Ridge Project, which includes three historically producing gold mines, in Arizona, U.S.A.
MetalNRG PLC (NEX:MNRG), the natural resource investing company quoted on the NEX Exchange Growth Market in London.
- MetalNRG has now acquired all the interests of Winston Gold in the project known as Gold Ridge Project (“Gold Ridge” or the “Project”), located in the Dos Cabezas Mining District, Cochise County, southeastern Arizona, UnitedStates of America;
* The Project consists of approximately 2,305 acres (9.3km2) of tenement including 343 acres of patented mining claims, 112 company-owned un-patented mining claims; and 12 leased un-patented mining claims;
* The interests acquired include three historical producing gold mines; Gold Prince mine; Gold Ridge mine and Dives mine; each was worked over various intervals between discovery in 1877 and 1996;
* Project has a NI43-101 compliant Technical Report dated 30th December 2016;
* Lack of modern exploration coverage and the existence of at least three high-grade gold deposits within the Project’s 5.2km of shear zone strike,results in strong potential for the discovery of further goldmineralisation and for establishing compliant Resources.
* MetalNRG agreed to acquire 100% of Gold Ridge for a total consideration, in cash and shares, of US$700,000 (approximately GBP GBP530,000).
* Arizona is a mining friendly jurisdiction with an established permitting framework. Fraser Institute 2017 Investment Attractiveness Index ranked Arizona 2ndby US State (after Nevada) and 9th/ 91 globally.
Rolf Gerritsen Chief Executive Officer of MetalNRG PLC commented:
“I am delighted to announce the completion of this transaction which is the Company’s first major acquisition. The acquisition of Gold Ridge in Arizona comes at a time when there is an increasing interest in gold productionopportunities.
With the Gold Ridge transaction, we acquired significant acreage, a range of mining claims and three former producing mines in one package and we look forward to developing the Project and looking at the opportunity to bring the mines back into production.
I expect further updates will be released to market in the near term on the advancement of Gold Ridge and any further developments on our previously announced Uranium acquisition along with other market updates.”
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