NEW YORK and Jakarta, Indonesia / ACCESSWIRE / June 9, 2014 / Vanguard Mining Corporation (Pink sheets: VNMC) today announced that the Company has signed an agreement with PT Cendrawasih International to acquire a 70% equity interest in an 8,100-hecatare gold tenement in Mandailing Natal, North Sumatra, Indonesia.
VNMC will pay $6,500,000 in a combination of cash and stock of the company for a 70% equity interest in the gold concession, which has estimated gold deposits between 400,000 to 1 million ounces, subject to independent technical verification. This transaction is scheduled to close after satisfactory legal, financial and technical due diligence review. VNMC and PHI Capital Holdings, Inc. (http://www.phicapitalholdings.com/), a Nevada corporation, will be responsible for raising the required capital to develop and operate this mining project, whereas PT Cendrawasih will pay its part of capital contribution out of its proportional share of profits from the gold mine operation.
Jay Muhd, a principal of PT Cendrawasih, said: "We look forward to completing professional exploratory work on the gold tenement, including a JORC-compliant feasibility study, in order to bring the property to operation and production status. This cooperation will bring amazing revenues and ultimately incredible shareholder value."
Quang Le, Senior Geologist and Executive Vice Chairman of VNMC said."The surrounding gold mining activities include Sumatra Gold & Copper (two concessions of 4,997 ha and 4,719 ha each) and Sihayo Gold (33,000 ha), both publicly traded companies on ASX. We are expecting to have great success in developing our own concession in the same area."
About Vanguard Mining Corporation
Vanguard Mining Corporation, a Nevada corporation established in 1987, is currently building a portfolio of mineral assets in Southeast Asia, including limestone in Vietnam and gold, copper, limestone, and manganese in Indonesia. The company has also investigated mineral asset opportunities in other geographical areas. http://www.vnmcglobal.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.
Vanguard Mining Corporation Corp.
SOURCE: Vanguard Mining Corporation