CATA: Sunday Night PR: Catalyst Resource Group Signs Definitive Agreement to Acquire Gold Concession in Laos
Catalyst Resource (USOTC:CATA)
Today : Sunday 4 March 2012
Catalyst Resource Group (OTCQB: CATA) (PINKSHEETS: CATA), a company engaged in innovative processing technologies to extract gold and platinum group metals, today announced that Company has signed a Definitive Agreement to acquire an 80% equity interest of Laos Minerals Mining, Inc.'s ownership in a 68-km2 gold concession known as the San 8 and San 60 areas of the Somsanouk Village, Sanakham District, Vientiane Province, Lao People's Democratic Republic, in exchange for cash and monetary commitments to further explore and develop this project in the near future.
Exploratory activities on these concession areas previously carried out by Newmont (www.newmont.com), BRGM (www.brgm.fr) and more recently by Kingsgate Consolidated Ltd. (www.kingsgate.com.au) in 2011 have shown potential minable gold vein deposits aggregating several hundred thousand ounces. There also would be the possibility of finding up to one million or more ounces of minable gold and large bulk of base metal deposits. At today's gold price, the total estimated value of these concession areas could range approximately from $US510 million to $US1.7 billion.
The closing of this transaction is scheduled to occur on April 16, 2012 but no later than May 30, 2012. The Company plans to carry out additional mapping, trenching, sampling and follow-up geophysics to define drill targets and then drilling of these targets in collaboration with a select regional mining contractor or a joint-operation partner.
About Catalyst Resource Group
Catalyst Resource Group is engaged in innovative processing technologies to extract and process gold and platinum group metals. Website: www.cataresource.com
About Laos Minerals Mining
Laos Minerals Mining, Inc. is a Nevada corporation devoted to the exploration and development of selected mineral deposits in the People's Democratic Republic of Laos. Website: www.laosminerals.com
Safe Harbor: This news release contains forward-looking statements that are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of such forward-looking statements. Such forward-looking statements are made based upon management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995.
Contact:
Henry Fahman
714-843-5455
Email Contact
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