GolfGear International, Inc. Completes Acquisition of Controlling Interest in Western Sierra Mining Corp.
17 Noviembre 2011 - 1:54PM
Marketwired
GolfGear International, Inc. (PINK SHEETS:GEAR) announces that it
has finalized an agreement to acquire controlling interest in
Western Sierra Mining Corp. (PINK SHEETS:WSRA). This acquisition of
Western Sierra will provide GEAR with a strategic partner in the
precious metals mining industry and will represent a major step
forward for GEAR in its strategy of becoming a significant mining
and ore processing company. GEAR will aggressively pursue the
development of WSRA properties and look to acquire additional
properties for WSRA to operate.
Western Sierra is a 1903 mining company focusing on exploration,
mine development and operations. The Company performs independent
and third party mine valuations, mine engineering, NI 43-101
services, investor certifications and contract mining. The Company
has over 2,000 shareholders, total assets of $9.3 million, a book
value of $7.8 million and $270,000 of cash restricted for mine
development. The Company owns numerous mining claims including Gold
Crown, Table Mesa, Gold Star, Oro Cache, Eagle and Big Chief. These
claims consist of over 1,000 acres and contain total gold mineral
resources in excess of $361 million and total silver mineral
resources of $29 million. The Company has several mine operating
contracts in place.
Dale Geck, President of GolfGear International, stated, "The
acquisition of Western Sierra will provide GEAR with a strong
foothold in the mining community, allowing for the aggressive
development of Arizona properties. This acquisition has created
tremendous opportunity to expand operations, and gain valuable
experience into the precious metals mining industry. Our plans are
to leave current management in place, and rely on their
relationships and experience to grow and develop opportunities for
both GEAR and WSRA. With the acquisition of Western also comes the
vast mining and business experience we need in moving forward. We
anticipate that our acquisition of Western Sierra will be the first
of many strategic relationships and acquisitions as we expand our
operations in this industry."
Dale Geck President of GolfGear International further stated
that the share reduction through voluntary means has been completed
and the Transfer Agent is finishing the last of the paper work. It
should also be noted that GEAR has no intentions of any reverse
split and will continue to move the company forward to the benefit
of all shareholders.
About GolfGear International, Inc.:
GolfGear International, Inc. was originally incorporated in 1996
as a golf equipment company. The Company has recently altered its
business strategy to include gold and silver mining, providing
financing for gold and silver mining projects, and precious metals
processing and refining. The Company has recently announced the
execution of a joint venture agreement with Mission Holdings, LLC
for placing into production the Silver Cord Mine in Arizona.
GolfGear plans to process gold and silver extracted from the Silver
Cord utilizing an efficient environmental extraction and refining
technology under a licensing agreement with EnviroXtract, Inc.
(PINK SHEETS:EVXA). GolfGear anticipates further announcements
regarding additional gold and silver mining and processing
opportunities to be forthcoming.
Safe Harbor
This press release contains statements that may constitute
"forward-looking statements" within the meaning of the Securities
Act of 1933 and the Securities Exchange Act of 1934, as amended by
the Private Securities Litigation Reform Act of 1995. Those
statements include statements regarding the intent, belief or
current expectations of GolfGear International, Inc., and members
of its management as well as the assumptions on which such
statements are based. Prospective investors are cautioned that any
such forward-looking statements are not guarantees of future
performance and involve risks and uncertainties, and that actual
results may differ materially from those contemplated by such
forward-looking statements. Important factors currently known to
management that could cause actual results to differ materially
from those in forward-statements include fluctuation of operating
results, the ability to compete successfully and the ability to
complete before-mentioned transactions. The company undertakes no
obligation to update or revise forward-looking statements to
reflect changed assumptions, the occurrence of unanticipated events
or changes to future operating results.
Contacts: GolfGear International, Inc. Dale Geck President - CEO
1-888-550-7067Info@gearii.com
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