Global Gold Agrees to Sell Chilean Interests
04 Agosto 2008 - 6:32PM
Marketwired
GREENWICH, CT (www.globalgoldcorp.com) announced today that it
has entered into an agreement to sell all of the Company's interest
in its mining claims and properties in Chile (the "Chilean
Interests") in exchange for five million dollars ("Purchase Price")
to Madre Gold, LLC a private Delaware Limited Liability Company
("MG"). The agreement is effective as of July 31, 2008. The Company
will also receive a production royalty of 2.5%, and will be the
operator and developer of the property, providing office space, and
services of the Company's employees and technical assistance for
development, production and exploration of the Chilean Interests
through August 31, 2009. The sale of the Chilean Interests is
subject to final due diligence to be completed before the September
15, 2008 closing date.
The Chilean Interests include one hundred percent of the
membership interest in Global Oro LLC and Global Plata LLC, each
Delaware limited liability companies which in turn own a hundred
percent of Minera Global Chile Limitada, a Chilean company which
owns fifty-one percent of Global Gold Valdivia (the "Joint
Venture"), a Chilean joint venture company that owns operations in
the Valdivia region and Chiloe and Ipun Islands, together with a
royalty and related rights in Santa Candelaria.
Production royalty payments commence three months from the date
MG's share of actual or deemed distributions from gold or other
metals produced from the Chilean Interests reaches $6.0 million, MG
shall or shall cause the Joint Venture to pay to the Company a
production royalty of 2.5% of the net smelter returns ("NSR") from
all minerals and mineral containing product produced by the Chilean
Interests.
MG is a privately held company whose owners include Ian Hague, a
director and shareholder of the Company. Mr. Hague recused himself
from Company decisions related to this transaction, which was
approved in accordance with the Company's good governance
standards.
To the extent that statements in this press release are not
strictly historical, including statements as to revenue
projections, business strategy, outlook, objectives, future
milestones, plans, intentions, goals, future financial conditions,
future collaboration agreements, the success of the Company's
development, events conditioned on stockholder or other approval,
or otherwise as to future events, such statements are
forward-looking, and are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
The forward-looking statements contained in this release are
subject to certain risks and uncertainties that could cause actual
results to differ materially from the statements made.
Global Gold Corporation is an international gold mining,
development and exploration company with mining and exploration
operations in Armenia, Canada, and Chile and. Global Gold
Corporation is located at 45 East Putnam Avenue, Greenwich, CT
06830. The main phone number is 203-422-2300. More information can
be found at www.globalgoldcorp.com.
Contact Andrew Barwicki 516-662-9461
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