Chun Can Capital Group Completes Agreement to Acquire Gold Mine in Democratic Republic of Congo
Dubai, United Arab Emirates--(Newsfile Corp. - August 12, 2020) - Chun Can Capital Group (OTC Pink: CNCN) is pleased to announce that it has completed an agreement to acquire a Gold Mine in the Democratic Republic of the Congo (DRC), Africa, with 3,000,000 ounces of Inferred Gold Resources according to a JORC Report, and has appointed a new Senior Management Team with H.E Dr. Fahed Al Merhebi of Zurich Capital Funds Holdings Inc. as Chairman of the Board. Additionally, the Company appointed Ms. Zoli Macanda Simbodyal as the Chief Executive Officer, and Mr. James Mufaro as Chief Operating Officer.
DRC Gold Mine
The Company's Gold Mine was acquired through an agreement with Golden Square Equity Partners Limited, in London. The Mine is known as the Misisi Gold Project in the DRC. The mine is located in Eastern DRC with 3,000,000 ounces of Inferred Gold Resources grading at 2.14 grams per ton. At today's price of $1,946 per ounce, the valuation of the gold resources would equate to in excess of $5.8 Billion.
The Misisi Gold Project is a large prospective exploration property located near the town of Misisi, located 250km south of Bukavu, the provincial capital of the South Kivu Province in the DRC. The Misisi Project hosts the Akyanga gold deposit, which currently has an Inferred Mineral Resource of 44.4 million tonnes at 2.16 grams per tonne containing 3 million ounces on a 100% basis and 2,164,500 ounces on a 72.15% attributable basis. The Company has received a Statement of Mineral Resources Report completed by Denny Jones Pty Ltd., a leading Australian based Resource Consultancy, and the Report is in accordance with the requirements of the 2012 Joint Ore Reserves Committee Code (JORC Code).
H.E Dr. Fahed Al Merhebi
H.E Dr. Fahed Al Merhebi is Chairman of Zurich Capital Funds Holdings Inc., a Dubai based Investment Group. Zurich Capital has acquired 52% of the Common Stock of the Company and become the majority controlling shareholder of the Company. Dr. Al Merhebi is Deputy President of the Arab African Council for Integration and Development ( AKF-FOS AACID UN DESA CSO). He graduated with a PhD. ln finance and international law and is experienced in banking and finance. In the UAE he has been named several titles including the Prince of Finance, mentioned by many Arab news and was chosen as the most influential figure for the year 2016.
Zoli Macanda Simbodyal
Ms. Zoli Macanda Simbodyal is a Chartered Accountant, B Com. Hons. (Univ. of Cape Town), MSc Finance (University of Wales), CA(SA), ACA (England & Wales). She holds several directorships in a portfolio of corporates in South Africa and London. She is a financial advisor with project management experience with the following companies: Pricewaterhouse Coopers, Chartered Accountants & Auditors, NM Rothschild Investment Bank in London, New York and South Africa.
Mr. James Mufaro is a Zimbabwean national, has an MBA Business Administration, BSc. Engineering, and is an experienced mining professional having operated in various roles senior roles in Africa. James last role was at Samancor Chrome, Johannesburg, South Africa as their Chief Operations Director and prior to this role was Head of Mining. https://www.otcmarkets.com/stock/CNCN/news/story?e&id=1669596