Secure Runway Systems Corp. (PINKSHEETS: SRWY) (Secure or the Company) is pleased to announce that it has acquired a 100% interest in the Nugget Finder Gold project near Quartzsite, Arizona.
The Nugget Finder Gold Project is a 640 acre gold property near Quartzsite, Arizona. Quartzsite, Arizona is in La Paz County which is well known for its past and present mining operations. Some of the historic and current mines are the Copper Chief Mine, the Hidden Treasure Mine, the Golconda Mine and the famous Gold Nugget Mine and the Copperstone Mine. The property is located in the world famous Walker Lane Gold Belt which has historically produced over 45 million oz of gold and over 400 million oz of silver.
As this is Secure's first significant wholly owned asset, the "Nugget Finder" claims 10 through 25 will be designated as Secure's flagship property. As per Secure's press release dated April 23, 2010, Secure has acquired the property from Handford Developments Corp.
After ongoing negotiations, Handford Developments Corp. has agreed to accept 1.1 million shares of Secure's restricted common stock in consideration for a 100% interest in and to the Nugget Finder property. Handford Developments Corp. will retain a 3% net smelter royalty which Secure may purchase at any time for $500,000.
Mr. Minnema, Secure's President, states, "I am thrilled with the acquisition of Secure's first 100% wholly owned significant mining asset. The property near Quartzsite was developed personally by Mr. Handford and his team with very favourable results to date by using gravitational separation equipment. Secure and its shareholders would like to thank Mr. Handford and Handford Developments for their cooperation in helping us secure this fantastic property. We believe the property has substantial potential. Our first priority at the site and for a minimal amount of capital will be to facilitate small scale production and operations and expand as required.
"The immediate area is host to many other substantial deposits. Mr. Handford is committed to the long term success of Secure and it was the result of his dedication and management's vision to build the company which resulted in the vend in of this significant asset in exchange for a share payment without any requirement of a work commitment or other obligations besides the net smelter royalty. Other companies in our opinion would have great difficulty securing this type of quality property without the payment of a substantial amount of cash together with significant exploration and other work commitments. The shareholders of Secure are very lucky to have Mr. Handford as part of our team."
Mr. Handford states, "I am very fortunate to be a member of Secure's team and wish to thank Edward for permitting me this opportunity to become involved with the company. Management and I are committed to increasing shareholder value by locating and securing quality properties while minimizing shareholder dilution. My team and I have personally explored and began developing the Nugget Finder project and we are excited to increase our small scale production immediately. I am pleased that Mr. Minnema will be giving priority to increase production on this property and am of the belief that it may become a significant asset for Secure and its shareholders. With the recent announcement of the Letter of Intent for the La Dama De Oro property, Secure is building itself a quality portfolio of near production mines with substantial potential. I look forward to travelling with Edward to complete our due diligence on the Dama property so that we may finalize the definitive agreement."