YUMA, Ariz., Feb. 24, 2012 /PRNewswire/ -- Monkey Rock
Group, Inc. (OTCBB:MKRO) announced today that it has received a
Letter of Intent for up to $2
Million in investment capital from CRJ Real Estate and
Investment Group, LLC. (CRJ). The financing is slated to be
used for the purchase of mining equipment and working capital for
the company.
The LOI is non-binding and the loan remains subject to
additional diligence and underwriting. CRJ has up to 60 days to
complete the transaction. Upon successful completion of the due
diligence, and closing of the loan, CRJ will receive an equity
interest in the company of 20,000,000 shares along with a One
Percent (1%) share of the Monthly Gross Revenues of the mine for
the duration of the project. The issuance of the LOI is the first
step in the company's financing structure for the development of
the Los Flores Mine.
Dexter Aspacio, President and
CEO, stated, "We look forward to completing this transaction, to
provide a path for future liquidity for our current shareholders,
and to increase overall value to our shareholders. Assuming the
transaction contemplated by the LOI is consummated, we intend to
use the financing proceeds for the acquisition of equipment needed
to begin mining operations at our Los Flores Mine along with
working capital to grow our business."
About the Company
The Company has the mining rights for the Los Flores Mine,
in Yuma, Arizona and is in the
initial stages of mining the site, having received an independent
GEO Report from Mr. Craig L.
Parkinson of West Coast Environmental & Engineering.
According to the report the average gold grade of all samples
is estimated at .246 ounce per ton with the average gold grade of
all high grade samples being .312 ounce per ton. The geological
report and valuation make conservative estimates taking 1/10 of the
high grade average to calculate and estimate a conservative gold
grade of .0312 ounce per ton. The estimated tonnage of minable ore
is calculated at 58,500,000 tons with estimated In-Place Gross
Values of approximately 1,800,000 ounces of gold. The Los Flores
Mine is located 15 miles northeast of the city of Yuma, Arizona.
For additional information on the mine along with the certified
geological reports, surveys and all other documentation pertaining
to the mine and its operations please visit our website at
www.nissimining.com
CONTACT:
Dexter Aspacio
Monkey Rock Group Inc.
(928) 304-8817
www.nissimining.com
Dexter@nissimining.com
SOURCE Monkey Rock Group, Inc.