Goldsands Development Company (GSDC)

[moosie]

GoldSands Announces Termination of Mineros SA Agreement

Lima, Peru – November 6, 2012 (GoldSands Development Company: GSDC) announces that the agreement signed with Mineros S.A. on January 20, 2012 has been terminated by Mineros SA effective immediately.
The Mineral Right Option and Joint Venture Agreement with Mineros S.A. of Colombia, South America granted Mineros two exclusive options entitling it to acquire up to an eighty-five percent (85%) interest of GoldSands’ owner ship interest in 49 Mineral Rights Concessions located in Northeast Peru (“Mineral Rights”).
Mineros declared that the property does not meet its requirements for the large-scale dredging operation that they were seeking to develop. However they recognize that there may be sufficient gold bearing channels that may be suitable for smaller scale commercial gold production.

Goldsands is now evaluating its options towards continued exploration and potential gold production.

From their website. Oh my God, this knocks the wind out of the sail. This doesn't sound too promising.