Dutch Gold Resources Updates Aultra Acquisition and Corporate Strategy
Dutch Gold Resources, Inc., a developer and operator of proven gold mines and a regional mill in North America, announced that it has completed due diligence in preparation to close the previously announced merger with Aultra Gold Resources, Inc., a junior gold mining and exploration company with properties in Montana and Nevada. Dutch Gold also updated its 2009 corporate strategy, focusing on increasing “ounces in the ground,” while bringing near term production opportunities online.
Dan Hollis, Chief Executive Officer of Dutch Gold Resources, stated, “We are pleased to have completed our reviews on the Aultra Gold properties. We have cleared the path to the completion of this transaction, subject to final documentation.”
Similarly, Rauno Perttu, Chief Executive Officer of Aultra Gold, signed off on Aultra Gold’s due diligence of the Benton Mine and the Gold Bug property. Mr. Perttu has extensive knowledge of the Oregon properties, and Dutch Gold welcomes his expertise as the Company transitions to a broader operations base.
Commented R. Perttu, “We believe that it makes great sense in today’s economic climate to combine the potential cash flow from a production property like the Benton Mine, with the growth potential of a large, high quality, advanced stage exploration/development project like Basin Gulch.”
Final terms and conditions are subject to approval by the Boards of Directors of each company. The final Share Exchange Agreement will be drawn upon completion of due diligence, and regulatory approvals as required. Closing is now anticipated by mid June 2009, at which time the Company intends to move to the OTC Bulletin Board.
Separately, the management teams of both companies have agreed to pursue a disciplined acquisition program. Said Mr. Perttu, “With my experience in Nevada and Montana, it is only natural to pursue opportunities in these two states.” Added Mr. Hollis, “We believe value is created through the timely acquisition of, and discovery of mineral deposits and bringing them into production.” The Company is currently evaluating multiple projects in each state.