Where do you get a 'large gold mine'? Or 'proven reserves'?... I don't see that in this PR... for all we know it could be some people they met while they were promoting Wagerphone (on our dollar, mind you) who said they found a gold coin in thier backyard! Are you reading a different PR than what I am?
New Wave signs exclusive agreement to explore gold on Nicaraguan property
TORONTO, Jan. 4 /PRNewswire-FirstCall/ - New Wave Media Inc. (OTC: NWWV.PK) has signed an exclusive Mineral Exploration Rights Agreement ('Agreement') with the current owners of a Nicaraguan property for an initial period of one year, effective December 15th, 2007.
At the end of this Agreement, New Wave will either purchase the property outright for consideration of $250,000 or enter into a Joint Venture Ownership Agreement with the owners to fully exploit the potential of the property. New Wave will retain 70% ownership if this joint venture is entered into at that time.
New Wave has provided the owners a $20,000 US deposit and is committed to spend a minimum of $200,000 US to perform geological tests in order to determine whether the property has the potential of becoming a much larger mining operation. Part of this process will be to transport and install the required equipment necessary to perform the necessary procedures.
New Wave is currently in discussions with a team of experienced professional geologists and mining engineers who will perform these tests to determine the potential of funding a much larger mining operation.
The property has a terrestrial expansion of approximately 2,000 acres and is located in Bonanza, a mining district that forms part of the world famous Golden Triangle of Nicaragua. The District of Bonanza has been a major contributor to the gold production in Nicaragua.
This property known as 'La Curva' borders the 'Hemco Nicaraguan Concession', which has been a profitable gold producer for years. La Curva has never been exploited commercially but artisan diggings performed by local miners indicate superficial gold deposits in various areas of the property. Existing assay results for the District of Bonanza indicate that 60% of all its land area contains economically exploitable gold reserves.
The value of gold has increased three-fold over the last six years and the Company believes this trend will continue into the near future. The Company feels that the potential of this opportunity will assist in the growth of the Company and provide significant shareholder value.
The corporation will also be announcing a new President and CEO shortly who will oversee day to day operations and the expansion of an experienced group of mining executives for the board of directors.
The Company expects to issue further news on this significant opportunity shortly. New Wave currently has 237,000,000 shares outstanding now that its acquisition of Playstar Corporation shares are complete and filed with the NASD. The transfer agent is Transfer Online of Portland, Oregon. New Wave would like to state that the company will not be reorganizing the share structure through a consolidation.
