Ginguro Signs Letter of Intent with Government of Latvia for Mineral Exploration in Latvia's Kurzeme Complex
April 28 2014 - 10:53AM
Marketwired
Ginguro Signs Letter of Intent with Government of Latvia for
Mineral Exploration in Latvia's Kurzeme Complex
SUDBURY, ONTARIO--(Marketwired - Apr 28, 2014) - Ginguro
Exploration Inc. (TSX-VENTURE:GEG) (the "Company") and the
Government of Latvia today announced that, effective April 25th,
2014, they have jointly concluded a non-binding Letter of Intent
("LOI") in respect of potential mineral exploration of the Kurzeme
Complex in Latvia. The LOI is the first formal step of cooperation
taken by the parties.
Ginguro has been expressing interest in exploration of Latvian
subterranean depth since 2011. For two years, the Company has been
collaborating with local Latvian scientists and initial research
results indicate both the potential and need for further
exploration.
As noted in the LOI, there has effectively been no mineral
exploration of the nature proposed by Ginguro conducted in Latvia
to date. The participants of the LOI are eager to seize the
opportunity of cooperation for the potential of mineral exploration
and, if warranted, future development of prospective mineralized
lands within Latvia's borders. Latvia will gain from Ginguro's
practical international experience and will obtain substantial data
in respect of potential mineral resources in the Kurzeme complex to
be explored for, in collaboration with Ginguro.
Latvia is underlain by the Fennoscandian Shield, considered
Europe's richest ore reserve domain. This geological structure has
seen an enormous increase in mining activities in other
jurisdictions during the last few years. Exploration companies have
invested record sums in the search for base metals and precious
metals.
It is not widely known, however, that the Kurzeme Complex is the
largest layered mafic intrusion of the Fennoscandian shield. It has
the geology that is required for hosting deposits of Copper, Nickel
and Platinum Group metals. This territory covers 9,300 sq. km. and
is perhaps the largest unexplored layered mafic intrusion in the
world. Its location in Latvia, on one of Europe's most important
transportation corridors, makes it an ideal area for modern mineral
exploration and for sustainable zero footprint mining in Europe's
future.
Metal ore and metal is currently not extracted in Latvia.
However, as a result of this initiative between Ginguro and Latvia,
the opportunity to develop mining as a new industry in Latvia is
emerging, along with the opportunity to enhance existing
complimentary industries in Latvia, such as transportation,
construction and logistics.
It is the Latvian government's objective to ensure respect for
economic interests of Latvia and its peoples and to ensure the
existence of environmental protection regulations in the mining
sector. For this purpose, a certain regulatory framework is
necessary. Latvian government has created a working group and
started extensive work on putting in place mining legislation and
defining Latvian interests.
About Ginguro
Ginguro Exploration Inc. is a mineral exploration company
focused on the advancement of its Pardo paleo-placer gold property,
located in Pardo Township in northern Ontario. To learn more about
Ginguro Exploration Inc., please visit: www.ginguro.com.
The Qualified Person responsible for the geological
technical content of this news release is Richard Murphy, P.Geo,
President and CEO of Ginguro Exploration Inc.
Statements in this release that are forward-looking
statements are subject to various risks and uncertainties
concerning the specific factors disclosed under the heading "Risk
Factors" in the Corporation's filings with Canadian securities
regulators. Such information contained herein represents
management's best judgment as of the date hereof based on
information currently available. The Corporation does not assume
any obligation to update any forward-looking statements, save and
except as may be required by applicable securities laws.
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 release.
Ginguro Exploration Inc.Richard MurphyPresident and CEO(705)
222-8800Ginguro Exploration Inc.Wayne WhymarkChairman(705)
222-8800info@ginguro.comwww.ginguro.com
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