PORT ST. LUCIE, Fla., March 1, 2013 /PRNewswire/ -- Ghana Gold
Corporation; (PINKSHEETS: GGCO) is pleased to announce that they
have entered into a Letter of Intent to acquire Founders Mining
& Minerals PLC. (GXG: FMMP).
Founders Mining & Minerals PLC is a UK based company which
commenced gold production in Ghana's Western Region in February 2011.
In addition to increasing Ghana Gold's fleet of heavy equipment,
Founders brings further alluvial and hard Rock land options,
including an agreement to develop 250 Acres, with a low land
royalty, on the huge Jukwa Concession, the same on which Ghana Gold
is already in production. It is expected that this merger and
the additional equipment, Ghana Gold will increase its' excavation
potential and subsequently increase production significantly.
The combination of the two firms will create greater economies of
scale and cost savings for alluvial operations.
The Companies management has been engaged in merger discussions
for several months and has resulted in this LOI. The
combined Company will continue under the name of Ghana Gold
Corporation which best reflects the business and the region in
which the two companies conduct mining. Management hopes to
finalize all details of the transaction within the next 30
days.
Mr. Robert Kirkcaldy, President
and COO of Ghana Gold Corporation, commented, "We are very
excited to bring Founders assets into Ghana Gold. We'll have
choices on where to deploy Founders heavy equipment. As
soon as our Ahenkro is approved, we'll strongly consider deploying
the equipment there to jumpstart production. This is a
significant step with regard to the Company's aspirations to
becoming a leading gold developer in Ghana and West
Africa."
The company's website is www.Ghanagoldcorporation.com
Contact: Robert Kirkcaldy,
President and COO
Ghana Gold Corporation
For further Information and inquiries please call:
866-340-3095.
FORWARD LOOKING STATEMENTS
Certain statements in this release, other than statements of
historical fact, may include forward-looking information that
involves various risks and uncertainties. There can be no assurance
that such forward-looking statements will prove to be accurate.
Actual result and future events could differ materially from those
anticipated in such statements. These and all subsequent written
and oral forward-looking statements are based on the estimates and
opinions of management on the dates they are made and expressly
qualified in their entirety by this notice. The Company assumes no
obligation to update forward-looking statements should
circumstances or management's estimates or opinions change, other
than as required pursuant to applicable securities laws.
SOURCE Ghana Gold Corporation