Mr. Andrew Bowering reports
ML GOLD CORP ANNOUNCES DROPPING PALMETTO PROJECT AND SHARE CONSOLIDATION
ML Gold Corp.'s board of directors is proposing to consolidate the company's issued and outstanding common shares on the basis of one new common share for every 10 old common shares outstanding. The board of directors believes that the consolidation will increase the company's flexibility and competitiveness in the market place and will allow the company to raise additional capital to further develop its remaining assets. The proposed consolidation would result in the number of issued and outstanding common shares of the company being reduced from 107,422,763 common shares without par value to approximately 10,742,276 common shares without par value.
The proposed consolidation is subject to TSX Venture Exchange acceptance. The effective date of the share consolidation will occur immediately after exchange approval.
The company further announces that it has elected to drop the Palmetto gold property in Nevada to avoid making the remaining $1.2-million (U.S.) in option payments, and will instead focus on its Stars, Aspen and Block 103 projects in British Columbia and Newfoundland and Labrador respectively.
About ML Gold Corp.
ML Gold Corp. is a Canadian listed company, focused on creating shareholder value through discoveries and strategic development of mineral properties in Canada.
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