Abzu Announces That It Has Renegotiated Their Option Agreements With Red Back. Nangodi & Yameriga Licences Are Now Fully Cont...
February 03 2014 - 8:15AM
Marketwired
Abzu Announces That It Has Renegotiated Their Option Agreements
With Red Back. Nangodi and Yameriga Licences Are Now Fully
Controlled by Abzu
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 3, 2014) - Abzu
Gold Ltd. ("Abzu" or the "Company") (TSX-VENTURE:ABS) and its
subsidiary Abzu Resources Ghana Limited, announces that it has
entered into a termination and release agreement with Red Back
Mining Ghana Limited ("Red Back") dated January 31, 2014 (the
"Termination and Release Agreement"), pursuant to which the ten
option agreements entered into with Red Back on June 24, 2011 (the
"Option Agreements") have been terminated.
Bob Baxter, President and CEO commented, "Now having full
control of the Nangodi and Yameriga licences allows Abzu Gold to
advance its plans to develop the Nangodi project."
In conjunction with the Termination and Release Agreement, the
Company and Red Back have also entered into a transfer and royalty
agreement dated January 31, 2014, pursuant to which Abzu will
retain the rights to two of the licenses, Yameriga and Nangodi,
previously optioned in the Option Agreements. As consideration for
these acquisitions, Abzu has granted a 2% net smelter royalty,
payable in cash, on the sale of any minerals or products mined from
the Yameriga and Nangodi licenses, to Red Back.
These agreements will become effective upon receipt of consent
from the Minerals Commission of Ghana. The Company and Redback are
currently working to obtain such consent.
To date, the Company has expended approximately $5.2 million on
the Yameriga and Nangodi licenses. Further information on the
Company's exploration efforts on these two properties is available
on SEDAR, in the Company's financial statements, MD&A and news
releases.
On behalf of the board of directors of ABZU GOLD LTD.
Bob Baxter, President and CEO
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this press release, which has been prepared by
management.
Cautionary
Statement Regarding Forward-Looking Statements
This press release contains "forward‐looking statements" within
the meaning of the United States Private Securities Litigation
Reform Act of 1995 and "forward looking information" within the
meaning of the British Columbia Securities Act and the Alberta
Securities Act. Specifically, there can be no assurance that the
transaction will be completed as proposed or at all. Generally, the
words "expect", "intend", "estimate", "will" and similar
expressions identify forward‐looking information. By their very
nature, forward‐looking statements are subject to known and unknown
risks and uncertainties that may cause our actual results,
performance or achievements, or that of our industry, to differ
materially from those expressed or implied in any of our forward
looking information. Statements in this press release regarding
Abzu's business or proposed business, which are not historical
facts, are forward‐looking information that involve risks and
uncertainties, such as estimates and statements that describe
Abzu's future plans, objectives or goals, including words to the
effect that Abzu or management expects a stated condition or result
to occur. Since forward‐looking statements address events and
conditions, by their very nature, they involve inherent risks and
uncertainties. Actual results in each case could differ materially
from those currently anticipated in such statements. Investors are
cautioned not to place undue reliance on forward‐looking
statements, which speak only as of the date they are made. All of
the Company's Canadian public disclosure filings may be accessed
via www.sedar.com and readers are urged to review these materials,
including the technical reports filed with respect to the Company's
mineral properties. The foregoing commentary is based on the
beliefs, expectations and opinions of management on the date the
statements are made. The Company disclaims any intention or
obligation to update or revise forward‐looking information, whether
as a result of new information, future events or otherwise.
Abzu Gold Ltd.Bob BaxterPresident and CEO604 638 3288604 398
5387
Abzu Gold Ltd. (TSXV:ABS)
Historical Stock Chart
From May 2024 to Jun 2024
Abzu Gold Ltd. (TSXV:ABS)
Historical Stock Chart
From Jun 2023 to Jun 2024