Magnus International Resources Signs Earn-In Agreement on Ibanda Gold Exploration Property in Uganda
Magnus International Resources, Inc. is pleased to announce the signing of an Earn-In Agreement with Canmin-Gold Limited, a subsidiary of IBI Corporation, on the Ibanda gold exploration property located in southwest Uganda.
Under the terms of the Agreement, Magnus has the right to earn a 5% interest in the property for each $150,000 of expenditures that it makes and may earn up to an 80% interest by making an aggregate of $2 million in expenditures on the property within five years. Upon Magnus earning an 80% interest in the property, the parties will form a joint venture under which each party will be required to contribute its proportionate share of further expenditures or have its interest be diluted.
The Ibanda property is comprised of one exploration license covering an area of 332.70 sq km located some 300 km southwest of Kampala. Situated within the prospective Buhweju Plateau region, the property is northeast of the Company’s Mashonga joint venture project. The execution of the Earn-In Agreement adds potentially valuable ground to the current portfolio of tenements held by Magnus in the Buhweju area.
The Buhweju region is currently being actively explored by Magnus for gold and platinum group metals. There are known occurrences of gold in the region, which is evident from a number of artisanal gold workings in the form of alluvial diggings and shallow underground adits. The Ibanda licence is situated in a favourable geological setting underlain by early-Proterozoic meta-sediments which have been intruded by late stage reduced granites. The Karagwe-Ankolean system, considered to be a northerly extension of the Kibaran Belt, forms an un-conformable cover on the western side of the licence. Geological maps also indicate a prominent north-south trending fault system running through the centre of the property.
Mr. Gavin Conway, Magnus’ VP Exploration, commented, “The Ibanda exploration licence fits the Company’s strategy of acquiring and developing projects in areas that demonstrate potential for quality gold deposits. Ibanda covers the eastern portion of the Buhweju Plateau which has historically provided over 200,000 ounces of gold from surface artisanal sources and is the most prolific gold producing area of Uganda. Magnus considers the Buhweju plateau and surrounding area as highly prospective for gold mineralization.”
About Magnus International Resources, Inc.
Magnus International Resources, Inc. (Other OTC:MGNU.PK – News) (www.magnusresources.com) specializes in identifying, acquiring and developing precious and base metal properties. Magnus’ objective is to develop a balanced portfolio of early-to-advanced stage projects. Through its wholly-owned subsidiary, African Mineral Fields, Magnus has rights to six Ugandan gold projects. The Company has a 100% interest in four of the projects, is earning a 60% interest in a fifth property and now has the right to earn an 80% interest in the sixth property. Magnus also retains a 90% interest in a Sino-foreign joint venture gold exploration project at Huidong in China.
For further information please refer to the Company’s filings with the SEC or on SEDAR or refer to Magnus’ website at www.magnusresources.com.
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FORWARD LOOKING STATEMENTS: This news release may include “forward-looking statements” regarding Magnus International Resources, Inc., and its subsidiaries, business and project plans. Such forward looking statements are within the meaning of Section 27A of the Securities Act of 1933, as amended, and section 21E of the United States Securities and Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor created by such sections. Where Magnus expresses or implies an expectation or belief as to future events or results, such expectation or belief is believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to price volatility of gold and other metals; currency fluctuations; political, operational, and governmental approval and regulation risks in China and certain African countries. For a more detailed discussion of such risks and other factors, please see “Risk Factors” in our Form 10K for our most recently completed fiscal year, on file with the SEC at www.sec.gov. This document may also contain information about adjacent properties on which Magnus has no rights to explore or mine. Investors are cautioned that mineral deposits on adjacent properties are not necessarily indicative of mineral deposits on Magnus’ properties.
Contact:
Contacts: Magnus International Resources, Inc. Investor Relations 1-888-888-1494 or (604) 694-1432 Email: info@magnusresources.com
Website: http://www.magnusresources.com
Source: Magnus International Resources, Inc.
