VIPR Industries Signs Agreement for Acquisition of Third Additional Gold Property Within Rich Geita Region of Tanzaniaadmin
VIPR Industries Inc. announces that it has signed an agreement for a purchase of a possible third gold property in the rich Geita Region of Tanzania. The third property is located next to 2 properties previously disclosed in a prior press release by VIPR. This region of Tanzania is known for possessing significant mines and discoveries, owned and operated by several multinational mining companies.
The third property is categorized within the Ministry of Energy and Mines in Tanzania as HQ-15896 which lies directly adjacent to HQ-P15891 and HQ-P15890 respectively. The company decided to tie up the third property due to its close proximity to the two previously announced properties as well as the region that all properties are located in which is the rich Geita Region of Tanzania. The 3 properties are located within a region of Tanzania possessing very significant mines and discoveries. The 3 properties are a mere 20 km from the Geita Gold Mine owned and operated by Resolute Ltd; Ashanti Goldfields in a joint venture with AngloGold, and Barrick Gold Corp where its cost of production is known to be $250 per ounce making it a very economically profitable mine. Terms for a final agreement are being negotiated but are awaiting completion of a due diligence process and approval of the 3 licenses by the Ministry Of Energy and Mines. A map of the properties location can be viewed on the company’s website.
The 3 properties are not classified by the Ministry Of Energy and Mines as Primary Mining Licenses (PML’s) but are in the application process with the Ministry Of Energy and Mines for a Primary Mining License (PML). VIPR wishes to clarify that the prior release of the 2 adjacent properties made on October 29, 2008 was not accurate with its statement that the properties were Primary Mining Licenses. All 3 properties are in the application process, but expectations are high that they will all be shortly converted to PML’s.
VIPR Industries Inc. is a Nevada based precious metals exploration and development company focused on gold, uranium, and other precious metals reserves through mergers, acquisitions and resource development.