STEVENSVILLE, Mich.,
Feb. 22, 2012 /PRNewswire/ -- Norman
Cay Development, Inc. ("Norman Cay")
(OTCBB: NCDL) (PINKSHEETS: NCDL) is pleased to announce that it has
completed the final required payment of $135,000 to Xtra-Gold Resources Corp. (TSX: XTG)
(OTCBB: XTGR) (PINKSHEETS: XTGR). This payment represents the
last contractual obligation in the acquisition of clear title to
the Edum Banso Gold Project exploration license in Ghana, Africa. The Company and Xtra-Gold
will now finalize the necessary documentation with the Ministry of
Lands and Natural Resources (MLNR) in Ghana to facilitate the transfer of the Edum
Banso exploration license to Discovery Gold Ghana Limited, a
wholly-owned subsidiary of the Company.
"This is a significant milestone for the Company, its partners,
and its many shareholders," said Dean
Huge, CFO of Norman Cay Development. "Making this
final cash payment to Xtra-Gold solidifies our rights in
Ghana and positions the Company
and its partners to move forward with exploration and drilling to
develop the Edum Banso Gold Project to its full potential."
The Edum Banso Gold Project is currently being developed by a
joint-venture between Discovery Gold Ghana Limited (65%) and North
Spring Resources Corp. (35%) (OTCBB: NSRS) (PINKSHEETS:
NSRS). North Springs acquired their 35% interest in Edum
Banso from Discovery Gold in exchange for $250,000 and 10,000,000 restricted North Springs
common shares. North Springs must fund a multi-phase
$1,000,000 work commitment in 2012 to
maintain their full interest in the project. Planned
exploration work includes additional geological mapping,
prospecting, soil sampling, trenching, and a reverse-circulation
(RC) drill program targeting 15-30 locations.
The Edum Banso concession covers 20.60 km2 (5,100 acres) located
approximately 35 km (21 miles) northwest of city of Takoradi in the
southeastern portion of Ghana's
historic Ashanti Gold Belt.
The concession is situated less than one mile from the border of
the HBB Father Brown/Adoikrom open pit gold deposits currently
being mined by Golden Star Resources. Golden Star expects to produce 180,000 oz. of
gold and generate over $280 million
in gross revenue per year from their HBB Father Brown/Adoikrom
operations.
Previous exploration conducted by Newmont Gold (2004) and others
at Edum Banso included extensive geophysical (aeromagnetic)
interpretation, soil and stream sediment sampling (5,758 samples),
trenching (319 m total - 214 channel samples), auger drilling (252
holes), and rock chips (81 samples). To date, four distinct
mineralized gold zones have been identified over an area
approximately 5 miles long by a quarter mile wide, including two
southern zones sharing contact with the unique circular shaped
Mpohor Complex geologic structure, potentially one of the largest
known gold bearing synvolcanic mafic intrusives on the African
continent. The same Mpohor Complex structure and contact
zones host the HBB Father Brown/Adoikrom deposits to the
southeast.
Further updates regarding the Edum Banso Gold Project and other
Norman Cay business will be made as
additional information becomes available.
About Norman Cay Development
Norman Cay Development, Inc. is an emerging U.S. based mineral
exploration company offering shareholders the opportunity to
participate in the ownership of high-potential international gold
exploration and development projects. The Company's
wholly-owned subsidiary, Discovery Gold Ghana Limited, holds an
exclusive option with rights to explore and develop the Edum Banso
Gold Project within the historic Ashanti
Gold Belt in Ghana.
For further information regarding Norman Cay Development,
Inc., contact:
LiveCall Investor Relations
Gerry Belanger, (855) 490-9700
(Toll-free)
E-mail: NCDL@livecallir.com
Forward-Looking Statements
Certain statements in this press release that are not historical
facts are "forward-looking statements" within the meaning of that
term in Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as
amended. Such statements may be identified by the use of
words such as "anticipate," "believe," "expect," "may," "will,"
"would," "should," "plan," "projected," "intend," and similar
expressions. Norman Cay Development, Inc. (the "Company")
bases these forward-looking statements on current expectations and
projections about future events, based on information currently
available. Such forward-looking statements, involve known and
unknown risks, uncertainties and other factors that may cause the
actual results, performance or achievements of the Company to be
materially different from those expressed or implied by such
forward-looking statements. The Company has no mineral
resource or reserve estimate for the Edum Banso Gold Project at
this time and may not have sufficient funding to thoroughly
explore, drill or develop its properties. The Company
disclaims any obligation to update any of its forward-looking
statements, except as may be required by law.
SOURCE Norman Cay Development, Inc.