Latest info Below. Matt, these are the type of PRs we need !
SAN FRANCISCO, Dec. 21 /PRNewswire-FirstCall/ -- Global Prospecting Ventures, Inc. (OTC Bulletin Board: GPVN) is pleased to announce it has recently re-acquired option agreements on the Cratty Lake Gold property in Saskatchewan and the Alberta Wild Horse Gold Property in Alberta. The Company's 1,000 acre Cratty Lake Gold Property, in Saskatchewan, Canada is located in the La Ronge gold belt within ten kilometers of three past producers -- the Star Mine and the Jasper Mine (previously owned by Cameco Corporation), and the Jolu Mine (previously owned by Corona Corporation). The property has been drilled before and exhibits targets that require further prospecting and geo-chemical sampling. To date over $200,000 has been spent on this property.
In Alberta, Canada, Global has secured Nine (9) Metallic Mineral Permits which total approximately 172,800 acres or 270 square miles of land favorable for gold and diamond exploration and development in the extreme southeastern corner of the Province (approximately 27.5 miles north of Wild Horse, Montana). Elevated gold soil samples show gold 50x above background and recently a diamond was found south of the property.
Currently Global has secured over 4,480 acres of land favorable for diamond exploration and development centered in and around the (FALC) Fort a' la Corne forest in Saskatchewan, Canada which is the largest accumulation of diamondiferous kimberlites discovered to date in the world. Over 70 percent of the FALC kimberlites have been shown to contain diamonds.
Past efforts by the Company's field operations team in the Fort a' la Corne area led to the discovery of what has been said to be the largest kimberlite pipe discovered in the world weighing in at 480 million tons. A comparison would be the Ekati Diamond Mine operated by BHP Billiton Diamonds Inc. hosting five kimberlite pipes which weigh in at 43.5 million tons.
Global's claims hold great promise for some significant economic discoveries of diamonds, gold and other precious and base metals. In a News Release dated December 13th, the Company reported that it had signed a Limited partnership Agreement to acquire a majority ownership of Layette Oil and Gas Partnership LP which has a 100% working interest (NRI 75%) in a currently producing natural gas field under mineral land leases in Fentress County, Tennessee.
Under the terms of the Limited Partnership Agreement and in consideration of a payment of $690,000, Global will become a Limited Partner of the partnership and enjoy a 51% ownership of the partnership as well as 51% of NRI received by the Partnership.
The partnership with Layette provides Global a strong positive opportunity to generate cash flow for the company. Net earnings are projected at $300,000-$500,000 in year One, which may be accomplished and reached within the next nine months.
In a News Release dated December 15th, the Company announced that it plans to raise up to $1,000,000 through a Private Placement Offering of Two Hundred Convertible Debentures at $5,000 each. The Offering will be made in accordance with and pursuant to the provisions of Rule 505 of Regulation "D" promulgated under the Securities Act of 1933.
A percentage of the funds from the Private Placement will be utilized to further the exploration and development of the company's gold and diamond properties.
This news release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that certain statements in this release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve known and unknown risks, uncertainties and other factors. Such uncertainties and risks include, among others, certain risks associated with the closing of the transaction described above, government regulation, and general economic and business conditions. Actual events, circumstances, effects and results may be materially different from the results, performance or achievements expressed or implied by the forward-looking statements. Consequently, the, forward-looking statements contained herein should not be regarded as representations by the Company or any other person that the projected outcomes can or will be achieved. In compliance with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, GPVI notes that statements contained in this announcement that are not historical facts may be forward-looking statements that are subject to a variety of risks and uncertainties and there can be no assurance that other factors will not affect the accuracy of such forward- looking statements. It is impossible to identify all such factors. Factors which could cause actual results to differ materially from those estimated by the Company include, but are not limited to, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors which may be identified from time to time in the Company's public announcements.
