Gold and GemStone Mining Inc. and Blue Orange Mining Ltd Sign a Joint Venture Agreement
06 Dicembre 2012 - 3:00PM
Marketwired
Gold and GemStone Mining Inc. (OTCQB: GGSM), an alluvial gold and
diamond exploration and development stage mining company, announced
today a joint venture agreement with Blue Orange Mining Limited.
Charmaine King, CEO of Gold and Gemstone Mining Inc., has
announced the signing of a joint venture with Blue Orange Mining
Ltd, based in Ghana offering 15 gold concessions, in a 50/50
JV.
Each concession measures between eighteen (18) to twenty-five
(25) acres thus producing a total area of about forty-eight (48)
acres in Dunkwa-Offin, fifty(50) acres in Pokukrom, and a total of
two hundred and seventy-one (271) acres in Bibiani.
Six concessions were chosen for extensive testing, to evaluate
the reserves. Results from this program would dictate the safe
projection of resource to cover the thirteen mineable concessions
for this project.
The concessions were evaluated by conventional polygonal methods
to define the potential resources of minerals. Prospected data for
the concessions was proven by a close drilling program undertaken
by Dunkwa Goldfields Limited, a dredging company that held rights
to extensive alluvial terrains along the Offin, Oda and Ancobra
Rivers. When the company was declared bankrupt, its concessions
were assigned by government for small scale operations. Records
from this evaluation reveal an average reserve of approximately
11,083,696 tonnes at a grade of 0.75g/t for the six concessions.
This projected over all thirteen concessions confirming a total
resource of approximately 258,556 ounces and concluding a net
average cost of production $721.45 per ounce for the life span of
the project.
Mrs. King goes on to comment on the findings of the geological
report, "GGSM is extremely pleased to announce to our shareholders
and the public the geological report on our newest JV project with
Blue Orange Mining shows over 250,000 ounces of easily extractable
gold from the 13 mineable concessions. Even if gold was to drop to
$1,500.00 per ounce, this concession would be worth over
$380,000,000.00 to GGSM and our JV partners Blue Orange. With an
average production cost for GGSM of $721.45 per ounce we are
looking at over $200,000,000.00 in gross operating revenue for GGSM
and Blue Orange Mining. Furthermore, GGSM is starting negotiations
with Blue Orange to locate and finance the heavy equipment needed
to begin moving forward."
About Gold and GemStone Mining Inc. Gold and GemStone Mining,
Inc. is an exploration stage company that will engage in the
acquisition, exploration, and development of diamond and gold
properties around the world. Integral to GGSM's plan is the
formation of strategic alliances and joint ventures with gold and
diamond mining companies for the acquisition(s) of new mining
concessions, equipment and human capital. The company's management
intends to focus on strengthening GGSM's position as a player in
the gold and diamond mining industry. GGSM is committed to
providing maximum return for shareholders while working closely
within the local communities it has mining operations to ensure
local economies are also benefiting and can flourish from GGSM's
activities.
FORWARD-LOOKING STATEMENTS: "Safe Harbor" Statement under the
Private Securities Litigation Reform Act of 1995: Statements
relating to the company's business activities and other statements
in this press release are forward-looking statements within the
meaning of the Securities Litigation Reform Act of 1995. Such
statements are based on current expectations about the Company's
business. Words such as expects, anticipates, intends, plans,
believes, estimates and similar words and expressions are intended
to identify such forward-looking statements. These statements
involve risks that are difficult to evaluate. Actual results can
vary from descriptions herein due to many factors including changes
in metal prices and business conditions; changes in laws and
regulations; problems encountered in exploration and obtaining
permits; changes in the competitive environment; technological
advances; shortages of skilled workers, drill rigs and equipment;
the need for additional capital and other risks listed in the
Company's Securities and Exchange Commission filings under "risk
factors" and elsewhere. Forward-looking statements speak only as of
the date they were made. The Company does not undertake any
obligation to update forward-looking statements.
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Contact Information: www.ggsmining.com Investor Relations
Morningstar Corporate Communications USA toll free +1 (888)
551-4115 +1 (646) 405-4805 ggsm@mscorpcommunications.com
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