ABVG .026 ABV Gold, Inc. Closes Acquisition of a 70% Interest in a Producing Gold Mine in Russia
MONTREAL, Sep 24, 2007 (MARKET WIRE via COMTEX) -- ABV Gold, Inc. (PINKSHEETS: ABVG) (FRANKFURT: AB8) is pleased to announce the acquisition of a 70% interest in a producing gold mine in Russia.
"ABV Gold, Inc. is pleased to announce that we have closed the acquisition of a 70% interest in a producing gold mine in Russia," reports Daniel Ryan, President of ABV Gold, Inc. "Narrow Galaxy Inc., a Russian holding company, owns mining license ABN#00363 and ABN#00362. We have agreed to buy a 70% interest in these mining licenses. The mining claims are currently in production and lie in close proximity to properties owned by Kinross Gold Corporation. The claim encompasses 33,995 square Km. The enormous land position gives us potential on the exploration front which complements the immediate prooduction upside."
"This acquisition will be key in creating value for ABV Gold, Inc. shareholders," added Mr. Ryan. "The fact that this project is in production is immediately beneficial to our shareholders. We acquired the project in a manner that would minimize dilution and maximize value. It is our intention to make this project into a multi million dollar producer. The reports and studies we have in hand give us confidence that we are getting into a great situation at a very modest price."
"In order to close the transaction we have agreed to issue 1,500,000 preferred A shares of ABV Gold, Inc. to Narrow Galaxy Inc. These shares have a par value of $1.00 USD and carry a rate of interest of 10%. The interest is only payable beginning January 1st, 2008," said Mr. Ryan. "It is our expectation to begin retiring these shares with cash flow from production in Q2 of 2008. The mine in question is open pit and has a been in production since 2003. We intend to report more comprehensive details on the property later this week."
About ABV Gold
ABV Gold is a publicly traded, junior mining-exploration company headquartered in Montreal, Canada. The company pursues the acquisition and development of mining properties known to contain significant mineral assets, principally uranium and/or gold. For additional information, please visit the corporate website at www.abvgoldinc.com.
Contact:
Daniel Ryan
President
dryan@abvgoldinc.com
1-514-448-2193
Dale Baeten
dale@midweststockconsultingllc.com
1-920-418-0153
