Dutch Gold Resources Announces Letter of Intent to Acquire Significant Leases in 'The Long Canyon Gold Trend'
* Reuters is not responsible for the content in this press release.
ATLANTA, GA, May 11 (MARKET WIRE) --
Dutch Gold Resources, Inc. (PINKSHEETS: DGRI) (the "Company"), a
developer and operator of proven gold mines and a regional mill in North
America, today announced the company has entered into an Letter of Intent
(LOI) with an exploration company to acquire an undivided interest in 151
twenty acre BLM mineral lease claims comprising over 3,000 acres located
in the heart of the gold mining districts in the State of Nevada.
The majority of these claims are located in the newly discovered Long
Canyon Trend where three companies have completed more than 35,000 feet of
drilling, and have expended significant exploration costs to define a
potential shallow, highly gold mineralized, Carlin Type gold deposit.
These three companies have announced additional substantial drilling
expenditures for the summer of 2009 to further define the gold deposits
in this new gold discovery in east central Nevada.
In addition, other claims in this LOI are located at the leading edge of
the massive ore pit of the now famous Phoenix Gold Mine owned and operated
by Newmont Mining Company south of Battle Mountain, Nevada.
The LOI between the companies specifies the terms and conditions to be
arranged in a final agreement after an acceptable 'due diligence' period
agreed to by the parties. This final agreement will specify the undivided
interest to be acquired by Dutch Gold for certain cash payments, stock
issuance and a work commitment to proceed on these claims during the
summer of 2009 to determine the potential for mineralized anomalous gold
targets. The success of this exploration program is anticipated to
initiate a drill program by the fall of 2009.
Dutch Gold is pleased to enter into this LOI to acquire an interest in an
active new gold discovery area where mining and mineral explorations are
embraced by the State of Nevada. Dutch Gold recently reiterated its
strategy to expand its holdings in the state. Dan Hollis, Dutch Gold CEO,
stated, "We are very pleased to have found such an extensive collection of
claims, adjacent to high value exploration and development targets in east
central Nevada." The Letter of Intent is subject to due diligence, which
is scheduled for the week of May 11, 2009. Mr. Hollis further stated, "It
is our intention, subject to due diligence, to close on the parcels in
time to initiate exploration work plans this summer. These properties are
adjacent to and/or adjoining projects undertaken by major gold companies,
and we want move rapidly in an effort to enhance shareholder value through
the timely acquisition of these projects."
Dutch Gold Resources, Inc. acquired Dutch Mining LLC, which was founded in
1994. Dutch Gold is engaged in the production and development of proven
gold reserves in North America. The company's strategy is to focus on
overlooked resources that can be quickly and cost-efficiently brought into
production, and to seek out potentially significant exploration targets in
high value geographies. The Company currently owns the Gold Bug Mine and
leases the Benton Mine in Southwestern Oregon, and has entered into an
agreement to acquire significant properties in Montana and Nevada, through
the pending acquisition of Aultra Gold, Inc. Please visit the Company's
website for additional information at: www.dutchgoldresources.com.
Certain statements in this release, and other written or oral statements
made by the company, including the use of the words "expect,"
"anticipate," "estimate," "project," "forecast," "outlook," "target,"
"objective," "plan," "goal," "pursue," "on track," and similar
expressions, are "forward-looking statements" and are subject to known
and unknown risks, uncertainties and other factors that may cause actual
results, performance, or achievements of the company to be different from
those expressed or implied. The company assumes no obligation and does
not intend to update these forward-looking statements.
Contact:
David K. Waldman
Klea K. Theoharis
Crescendo Communications, LLC
(212) 671-1020
Copyright 2009, Market Wire, All rights reserved.
-0-
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.



Follow Reuters