SPAH (.0058) moving on news:
AUSTIN, Texas--(BUSINESS WIRE)-- Spectrum Acquisition Holdings, Inc. (Pink Sheets: SPAH), a growing mining exploration, technology and services organization, has announced it has completed its acquisition of Avalon Perspectives LTD, LLC as a fully owned subsidiary.
As of September 24, 2010 Spectrum Acquisition Holdings (“Spectrum”) and Avalon Perspectives LTD, LLC (“Avalon”) have signed a definitive agreement acquiring Avalon and its administration of gold mining rights as a fully owned subsidiary of Spectrum.
Spectrum Acquisition Holdings CEO Dale Henry comments, “We have been negotiating with Avalon since July earlier this summer, and are very pleased to finally announce it as our new subsidiary. Avalon is a key acquisition, as it is in the processes of acquiring some prime gold claims in California.”
On September 21, 2010 Spectrum had signed an LOI with Avalon Perspectives LTD, LLC mining rights administrator for Graham Gulch Gold Mines of California’s South Fork Salmon River Gold region to begin the process prior to acquisition. Dale Henry CEO points out, “We are pleased with the opportunities that Avalon Perspectives and its claims on Graham Gulch Gold Mines will bring to our growing consortium. These 400 acres on the Salmon River in Graham Gulch are one of the richest river systems in America.”
Spectrum President Dale Henry points out, “The Ancient Rivers of Gold in northern California are from the Tertiary Period. The rivers existed millions of years ago and many had large quantities of gold within their gravels."
“Spectrum’s interest in acquiring Avalon Perspectives and its operational administration of the Graham Gulch Gold Mines is based upon very positive values recovered on the property, upstream and downstream from the property, and on the current price of gold. This is in an area that has produced a staggering amount of gold and still to this day holds excellent reserves,” added CEO Dale Henry.
About Spectrum Acquisition Holdings, Inc. (SPAH.PK)
Spectrum Acquisition Holdings is executing a three-pronged strategy for growth. The Company is acquiring interests in high quality, low-risk gold projects with past production and sizeable resources. Spectrum is developing technology solutions to enable more sustainable, smaller footprint mineral exploration, production and processing. Spectrum is also pursuing acquisitions of mining sector service companies including operators, mine site service providers, equipment manufacturers, geology firms and technology developers.
This Press Release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. SPAH has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions. These statements reflect SPAH’s current beliefs and are based upon information currently available to it.
Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the SPAH’s actual results, performance or achievements to differ materially from those expressed in or implied by such statements. SPAH undertakes no obligation to update or advice in the event of any change, addition or alteration to the information catered in this Press Release including such forward-looking statements.
Spectrum Acquisition Holdings, Inc.
Dale Henry, 512-924-9308
CEO/President
Fax: 512-532-0591
investor.relations@mineamerica.com
www.mineamerica.com
Source: Spectrum Acquisition Holdings, Inc.
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