Mill City Terminates Discussions With Vendor of Indonesian Project; Company to Focus on Mining Sector
May 13 2014 - 1:00PM
Marketwired
Mill City Terminates Discussions With Vendor of Indonesian Project;
Company to Focus on Mining Sector
CALGARY, ALBERTA--(Marketwired - May 13, 2014) - MILL CITY GOLD
CORP. ("Mill City" and/or the
"Company")(TSX-VENTURE:MC)(OTCBB:MCYGF)(FRANKFURT:NJ6) announced
today that the Company will not be proceeding with an agreement to
purchase up to a 75% interest in the North East Tanjung Block, an
onshore oil and gas concession located in Indonesia. The vendor of
the Indonesian project has been unable to raise the required funds
to complete the reverse takeover. The details of the acquisition
were previously outlined in the Company's news release dated
February 13, 2014.
Mill City management has determined it is in the best interest
of the Company and its shareholders to focus on the mining sector.
Jim Brown, Mill City President, comments, "We are very encouraged
by the quality of precious metals projects that are available to us
at a small fraction of the capital previously invested in their
development by other companies. Therefore, we are taking the steps
necessary to acquire and finance one or more of these opportunities
for our stakeholders."
Although management continues to investigate several such
opportunities, no definitive negotiations or agreements have yet to
occur.
About Mill City Gold Corp.
Mill City Gold Corp. is a TSX Venture Exchange listed
exploration company that is focused on identifying and acquiring
advanced precious metals projects in the most favorable
jurisdictions around the world. For further information please
visit the Company's website at www.millcitygold.com.
ON BEHALF OF THE BOARD OF DIRECTORS
James R. Brown, Chairman, President & CEO
The TSX Venture Exchange does not accept responsibility for
the adequacy or accuracy of this release.
Mill City Gold Corp.James R. BrownChairman, President &
CEO403-640-0110www.millcitygold.com
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