Mindesta to Earn Interest in Third Exploration Permit in Somaliland
09 Mayo 2012 - 8:13AM
Marketwired
Mindesta Inc. ("Mindesta" or the "Company") (OTCBB:MDST) wishes to
announce that it now has an option to earn an interest in a third
exploration permit in the Republic of Somaliland. Mindesta is
already earning up to an 80 per cent interest in, and can
ultimately acquire 100% of, the first two mineral exploration
permits issued by the Republic of Somaliland under an existing
Option Agreement with Nubian Gold Corporation ("Nubian"). Nubian
was recently awarded a third permit, Abdul Qadir, which is
approximately 2,000km2 in size and is located in the northeast part
of Somaliland adjacent to the borders with Djibouti and Ethiopia.
Abdul Qadir is automatically included in the Option Agreement
pursuant to its terms with no change in expenditure requirements.
Nubian has agreed with the government of Somaliland to reduce the
size of the Arapsyo and Qabri Bahar permits by 50% following
completion of the first phase exploration program.
Option Agreement
Nubian already held title to two 2,000km2 mineral exploration
permits, Arapsyo and Qabri Bahar, in the Republic of Somaliland.
Under the Option Agreement, Mindesta can earn a 50% interest in
these permits, as well as any subsequently acquired, by incurring
total exploration expenditures of $2 million within two years and
can increase its interest to 80 per cent by completing a bankable
feasibility study on any permit. Mindesta is required to make an
upfront cash payment of $100,000 to Nubian as compensation for
expenses incurred, and the first $750,000 of exploration
expenditures represents a firm commitment. Mindesta also has the
option to acquire all of Nubian's remaining interest in the permits
at fair market value at any time after incurring the first $750,000
of exploration expenditures. The initial $100,000 payment to Nubian
has not yet been paid.
Field Program
Mindesta has completed a stream and rock sampling program over
the Arapsyo and Qabri Bahar permits which involved taking over
2,000 samples and has already initiated a similar program on the
Abdul Qadir permit. The Company has received some preliminary assay
results but the majority are still at the lab waiting to be
processed. Once all results are received, the Company will analyze
and compile the data and plan a second stage exploration program to
follow up on the most promising targets.
Mindesta has established an exploration office in Somaliland and
currently has a staff of approximately 30 employees. To date,
exploration expenditures of approximately $410,000 have been
incurred. The Company will require additional financing to execute
the second stage program.
The Nubian Shield encompasses parts of Saudi Arabia, Egypt,
Sudan, Eritrea and Somaliland and is host to many major mineral
deposits including Bisha in Eritrea, Sukari in Egypt, and five
gold/base metal mines in Saudi Arabia that are owned and operated
by Ma'aden Gold, the state mining company. Somaliland has over
30,000km2 of exposed Precambrian rocks. Extensive sampling and
mapping by the British, US and Russians in the 1970s identified a
number of areas that are anomalous in gold, copper, lead, zinc and
nickel. The program is being supervised by Remi Bosc who has 15
years of experience as a mineral exploration, resource and mining
geologist in Europe, Africa and south- east Asia and was project
geologist during the discovery of the Tasiast deposit in
Mauritania, and Tucker Barrie Ph.D who is a recognized expert with
a great deal of practical experience in the Arabia/Nubian
Shield.
Gregory Bowes, CEO of Mindesta stated that: "the Company has
achieved first mover status in an area of the world which we
believe has very attractive geology and an underappreciated
political situation and the acquisition of the Abdul Qadir permit
solidifies our position."
About Somaliland
The Republic of Somaliland is located on the Red Sea between
Djibouti to the west, Somalia to the east and Ethiopia to the
south. Somaliland is a former British colony that gained its
independence in 1960 and became a member of the United Nations.
Somaliland subsequently agreed to join Italian Somaliland, in an
informal partnership that was never ratified by their respective
parliaments, to form the greater "Somalia". Following the collapse
of the Somalia government in 1992, Somaliland withdrew from the
partnership and reasserted its independence. While the rest of the
world has not yet officially recognized Somaliland's
"re-independence", Somaliland has held three free, fair, and
non-violent elections, it jails pirates and extremists, and it is
one of the few functioning democracies in Africa and the Middle
East.
About Mindesta
Mindesta is a junior exploration company that trades on the
OTCBB and is an SEC registrant current on all 10k and 10Q filings.
The Company has approximately 9.4 million shares outstanding.
C. Tucker Barrie Ph.D., P. Geo., Vice President, Corporate
Development, is the Company's a "Qualified Person" under Canada's
NI 43-101 requirements and is responsible for and has approved the
technical content of this press release.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy securities in any jurisdiction.
This press release contains forward-looking statements, which
can be identified by the use of statements that include words such
as "could", "potential", "believe", "expect", "anticipate",
"intend", "plan", "likely", "will" or other similar words or
phrases. These statements are only current predictions and are
subject to known and unknown risks, uncertainties and other factors
that may cause our or our industry's actual results, levels of
activity, performance or achievements to be materially different
from those anticipated by the forward-looking statements. The
Company does not intend, and does not assume any obligation, to
update forward-looking statements, whether as a result of new
information, future events or otherwise, unless otherwise required
by applicable securities laws. Readers should not place undue
reliance on forward-looking statements.
NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED OF THE
CONTENTS OF THIS RELEASE
Contacts: Gregory Bowes, CEO (613) 241-9959
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