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International Gold Resources, Inc. Signs Letter of Intent with UltraGold Holdings LLC, for Gold Exploration Project in Guinea, West Africa
(OTC:IGRU) International Gold Resources, Inc.
Monday February 2, 8:00 am ET
DENVER-International Gold Resources, Inc. recently announced that it has entered into a letter of intent with UltraGold Holdings, LLC, a Denver, Colorado-based private gold exploration company, to form a joint venture to explore for gold in Guinea, West Africa.
The agreement provides for the Company and UltraGold to jointly explore and earn-in to a 25% interest in the share capital of GoldenFrank Resources Inc. and an interest of 50% in GoldenFrank?s interest in the Balandougou property for a total combined direct and indirect interest of 62% in the property. The Company and UltraGold may earn their interest by funding and conducting up to 15,000 meters of drilling in three phases on the Balandougou property which is located near the Mali border in Northeastern Guinea. The project is in the Siguiri Basin Area which hosts numerous gold mines in Northeastern Guinea and Southwestern Mali, including AngloGold Ashanti?s Siguiri mine, located approximately 100 kilometers South of Balandougou, Crew Gold?s Lefa mine and Kiniero?s SEMAFO mine.
Company Chairman, David H. Francisco commented, ?This is a very exciting opportunity for IGR and provides the Company with an advanced, low-cost, exploration project in an area that has the potential for a large gold deposit.?
The property is comprised of three contiguous exploration licenses covering approximately 400 square kilometers. There are multiple gold showings and four identified and active artisanal gold mines on the property. Gold on the property is primarily found in quartz veins and free nuggets in the surrounding laterite near contact with mineralized structures. Sampling and reconnaissance work conducted by GoldenFrank and its independent consultant have returned multiple high-grade samples from the artisanal mine areas and have identified seven advanced targets for reconnaissance drilling.
The IGR/UltraGold Agreement
Under the terms of the letter of intent, and subject to definitive documentation and funding, the Company has the right to earn approximately 12.5% of GoldenFrank?s share capital and a 25% direct interest in GoldenFrank?s property for a combined direct and indirect interest of 31% in the Balandougou.
Company President and CEO, Robert L. Dumont said, ?This is a very positive development for us. The UltraGold joint venture will give us direct participation in an ongoing exploration project through two very experienced and well established Guinea-based partners. Our investment will go directly into a drilling campaign and we avoid the significant overhead associated with many start-up exploration projects.?
About UltraGold
UltraGold Holdings LLC is a privately held exploration company pursuing gold opportunities in Guinea, West Africa. In addition to the GoldenFrank project, UltraGold is exploring, jointly with Newmont Mining Corporation, one of the world?s largest gold companies, a large exploration license block in the Siguiri Basin Area approximately 25 kilometers South of AngloGold Ashanti?s Siguiri Mine. UltraGold?s managing Director, Guinean Operations, Jean Laprade has over 25 years of international mining industry experience, including 10+ years in Guinea. He has held senior financial and mining operations experience with Alcoa and Ashanti Goldfields. Mr. Laprade is also the Honorary Consul of Canada for Guinea.
About GoldenFrank
GoldenFrank is a privately held gold exploration company based in Montreal, Canada pursuing gold opportunities in Guinea, West Africa. GoldenFrank?s President and CEO, Maurice Giroux is a professional geologist with more than 30 years of international mining, financing and management experience, including 13 years working in Guinea. He has developed excellent business relations with several West African countries though a long-term geological assignment with the World Bank and has managed exploration and development projects in West Africa for Semafa, Searchgold and Stellar Pacific.
About International Gold Resources:
The vision of International Gold Resources, Inc. is to become recognized as one of the premier early stage mineral exploration companies in the world. In addition to the UltraGold Joint Venture, the Company holds option rights to four gold exploration projects in the Yukon Territories, Canada and continues to work for the issuance of its Cupixi mineral license for its manganese project in Amapa State, Brazil.
This news release contains ?forward-looking statements? within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include, without limitation, statements regarding the Balandougou property in Guinea; the implication that the Balandougou property?s proximity to AngloGold Ashanti?s Siguiri mine and other regional mining operations may lead to the discovery of gold deposits; that exploration costs will be low; that the Balandougou project area has the potential for a large gold discovery; statements about the presence of gold and artisanal mining on the Balandougou property; the gold content and grade of samples from the Balandougou. Where the company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. Forward looking statements, however, are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from these forward-looking statements. Such factors include, among others: the uncertainty of operating in foreign countries; the volatility of mineral prices; potential operating risks of mining, development, and exploration; environmental and governmental proceedings, regulations, and permits, including the mining license approval process and outcome; changes in applicable laws, regulations, or legal requirements pertaining to the Cupixi Project, the Company, and/or its affiliates; availability of financing; force majeure events; and other risk factors as described from time to time in the Company?s filings with the Securities and Exchange Commission. These factors are often beyond the Company?s ability to control or predict.
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