Richland Resources Intl. Group Inc. (RIGG)

[dazetrader]

The Board has now identified a suitable opportunity and is currently in late-stage discussions with respect to a potential reverse takeover transaction in the mining sector, in line with its stated strategy, and anticipates being able to enter into such a transaction in the short term (the “Potential RTO Transaction”). The Potential RTO Transaction involves the acquisition of majority interests in, and operatorship of, four gold exploration projects in North and South Carolina in the United States located within the wider Carolina Super Terrane (formerly the ‘Carolina Slate Belt’), which i) also hosts the producing Haile Gold Mine owned by OceanaGold Corporation (TSX/ASX: OGC) who acquired the Haile Gold Mine be acquiring Romarco Minerals Inc. in 2015 for C$856M; and ii) was the site of the first documented gold discovery in the USA in 1799, with North Carolina being the biggest gold producing state until discovery of the Californian gold deposits.

Whilst negotiations in respect of the Potential RTO Transaction are at an late-stage, there can be no guarantee that the Company will be able to secure and subsequently complete the Potential RTO Transaction or any alternative Re-admission Transaction and consequently be re-admitted to trading on AIM.

A further update(s) will be made in due course as appropriate.

http://www.richlandresourcesltd.com/