South American Gold Announces Letter of Intent on New Light Property
October 21 2013 - 1:15PM
Business Wire
South American Gold Corp. (OTCQB : SAGD) is pleased to announce
a letter of intent to enter into a joint-venture on the New Light
Mining prospect.
The letter of intent (“LOI”) outlines the general terms of a
proposed joint-venture to explore the New Light Mine prospect in
Washington State. The existing mining lease has been assigned to
Kalahari Green Tech in exchange for stock, and the LOI contemplates
the parties signing a definitive joint-venture earn-in agreement
within 60 days. The earn-in agreements provides that South American
will supply its mining expertise for exploration work and earn-in
the amount of $200,000 within a twenty four month period to explore
the property to earn a back-in interest of forty percent in the
project.
South American Gold has entered into this agreement to reduce
its exploration expenditures, and to continue to seek additional
projects to add leverage for its shareholders.
In other news South American Gold announces it is in the process
of reviewing its financial structure and business model to
determine the optimum structure to advance shareholder interests in
this challenging financing environment. We expect additional news
during this fourth quarter and will update shareholders on material
developments.
About South American Gold
South American Gold is a junior gold and silver exploration
company focused on building shareholder leverage to mineral
property interests through acquisition, exploration, development
and joint-ventures.. The company’s geographic focus is North and
South America, and southeastern Europe.
Web Site: www.sagoldcorp.com
Disclaimer
This release contains forward-looking statements that are based
on beliefs of South American Gold Corp. management and reflect
South American Gold Corp.'s current expectations as contemplated
under section 27A of the Securities Act of 1933, as amended, and
section 21E of the Securities and Exchange Act of 1934, as amended.
When we use in this release, the words "estimate," "believe,"
"intend," "expect," "plan," "may," "should," "will," "can," the
negative of these words, or such other variations thereon, or
comparable terminology, are all intended to identify forward
looking statements. Such statements reflect the current views of
South American Gold Corp. with respect to future events based on
currently available information and are subject to numerous
assumptions, and risk factors outlined in our 10k report, which may
cause the actual results, performance, expressed or implied by such
forward looking statements to differ materially from the forward
looking statements. This information may no longer be accurate and
therefore you should not rely on the information contained in this
press release. This press release incorporates by reference the
Company's filings with the SEC including 10-K, 10-Q, 8-K reports
and other filings.
Contact / Investor Inquiries
: David Kugelman, Atlanta Capital Partners
Tel 1-866-692-6847 / 1-404-281-8556
Atlanta Capital PartnersDavid Kugelman, 1-866-692-6847 /
1-404-281-8556
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