Guyana Gold Corp. Finalizes Joint Venture, Acquires Working Interest in Mineral Projects
April 22 2008 - 10:30AM
Business Wire
Guyana Gold Corp. (OTC:GYGC) is pleased to announce that, effective
March 1, 2008, the Company and Octagon Mining Corp. entered into a
Joint Venture Agreement in which the Company acquired a 50% working
interest in certain mineral projects in Guyana. Guyana Gold Corp
CEO Eduard Aronov stated "The Port Kaituma projects may realize
many potential synergies leading to accelerated development of
deposits on the joint venture property. The Company�s experience in
the mineral exploration and Octagon Mining Corp.�s experience in
the Port Kaituma project makes this venture extremely well-suited
to exploring the high grade gold potential of the Guyana Region.�
The terms of the Joint Venture call for Octagon Mining Corp. to be
responsible for the mining operations and Guyana Gold Corp. to
provide assistance in expanding the Port Kaituma operation. Per the
Agreement, the Company acquired its 50% working interest from
Octagon Mining Corp. in exchange for 1,000,000 shares of Company
common stock, all of which were valued at $0.50 per share. The
mineral projects in the Joint Venture are comprised of 6 blocks,
with each block consisting of 1,200 acres and 44 claims, for a
total of 7,200 acres and 264 claims. These claims are located in
the Port Kaituma Region in Guyana. The main mineral interests in
Guyana are gold, diamond and bauxite and, recently, semi-precious
stones. Octagon Mining Corp. is currently producing 100 ounces of
gold per month. For more information on the Company and its
properties, please visit the website at www.guyanagoldcorp.com
About Guyana Gold Corp. Guyana Gold Corp.�is a junior mineral
exploration company that specializes in identifying, acquiring and
developing precious and base metal properties as well as assessing
whether certain claims possess exploitable commercial and precious
mineral reserves. The Company�s objective is to develop a balanced
global portfolio of early-to-advanced stage projects. Guyana Gold
Corp. is currently focused on gold projects in the Caribbean. About
Octagon Mining Corp. Octagon Mining Corp.�(OMC)�, a 5 year old
mining exploration company�is�engaged in the acquisition,
exploration�and production of mineral properties, primarily for
gold and other minerals. The Company�s strategy involves a
results-oriented approach towards exploration research, supported
by the scale expansion of the field operations on carefully
selected assets. Octagon Mining Corp. is focused on working in
proven gold camps; on projects which have multiple deposit
discovery potential and by utilizing leading edge exploration tools
and modern geophysics techniques.�Currently Octagon Mining Corp. is
producing approximately 100 ounces of gold per month on its Port
Kaituma property and is currently in the process of expanding
production. Safe Harbor Statement� FORWARD LOOKING STATEMENTS This
Information and Disclosure Statement contains various
�forward-looking statements� within the meaning of Section 27A of
the Securities Act of 1933 as amended and Section 21E of the
Securities Exchange Act of 1934 as amended. Forward-looking
statements represent the Company�s expectations or beliefs
concerning future events. The words believe, expect, anticipate,
intend, estimate, project and similar expressions are intended to
identify forward-looking statements. The Company cautions that
these statements are further qualified by important factors that
could cause actual results to differ materially from those in the
forward-looking statements, including without limitations the
factors described in this Information and Disclosure Statement.
Investors are cautioned not to place undue reliance on such
forward-looking statements because they speak only of the Company�s
views as of the statement dates. Although the Company has attempted
to list the important factors that presently affect the Company�s
business and operating results, the Company further cautions
investors that other factors may in the future prove to be
important in affecting the Company�s results of operations. The
Company undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events, or otherwise.
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