Mr. Robert Carrington reports
NEWRANGE GOLD NEGOTIATES SALE OF COLOMBIAN ASSETS
Newrange Gold Corp. has negotiated a highly favourable, non-binding heads of agreement with private Australian company Andean Mining Corp. Pty. Ltd. for the sale of the company's wholly owned Colombian subsidiary, Corporacion Minera de Colombia (CMC), together with the El Dovio and Anori exploration projects, exclusive of the Yarumalito gold porphyry project, which the company will maintain ownership of for the time being. Subject to due diligence by Andean, Andean will pay Newrange $1-million (U.S.) in staged payments within nine months, together with certain other considerations.
Robert Carrington, Newrange's chairman, commented, "This agreement provides near-term, non-dilutive financing, allows Newrange to focus its resources on the company's highly prospective Pamlico gold project in Nevada, eliminates the costs of maintaining the Colombian subsidiary and projects, and maintains exposure to the upside in each of these projects through share ownership and retained production royalties."
Located 12 miles southeast of Hawthorne, Nev., along U.S. Highway 95, the project enjoys excellent access and infrastructure, a mild, year-round operating climate and strong political support from Mineral County, one of the most pro-mining counties in the pro-mining state of Nevada. The Pamlico project covers the historic Pamlico group of mines as well as the nearby Good Hope, Gold Bar and Sunset mines.
Discovered in 1884, the district rapidly gained a reputation as being one of Nevada's highest-grade districts. Held by private interests for most of its history, the property remains underexplored in terms of modern exploration.
About Newrange Gold Corp.
Newrange is an aggressive exploration and development company focused on near-to-intermediate-term production opportunities in favourable jurisdictions, including Nevada, Colorado and Colombia. With numerous drill intercepts of near-surface oxide gold mineralization to 340 grams per tonne gold, the company's flagship Pamlico project is poised to become a significant new Nevada discovery.
We seek Safe Harbor.
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