Carolina Capital Corp. (TSXV:CQC) Announces Addendum to Original Non-Binding Letter of Intent for Joint Venture with IMG Gold Recovery Inc.

/NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/

VANCOUVER, July 24, 2014 /CNW/ - Carolina Capital Corp. ("Carolina") (TSX Venture: CQC) reports that it has entered into a side agreement with respect to the previously announced Letter of Intent dated April 7, 2014 (the "Original LOI") with IMG Gold Recovery Inc. ("IMG"). Carolina and IMG have agreed that Carolina will provide the sum of $50,000 to IMG for capital expansion of IMG's plant in Burnaby, B.C.  The $50,000 will be included in the aggregate of $750,000 under the Original LOI.  IMG agrees that revenue from the gross gold, silver and platinum stream from the Burnaby plant will be divided equally between Carolina and IMG until the earlier of:

i)



$100,000 of gross metals stream revenue from the Burnaby plant has been earned; or

ii)



completion and execution by Carolina and IMG of the Definitive Agreement contemplated in the Original LOI,

 

after which the provisions of the Definitive Agreement, as contemplated in the original LOI, will govern the distribution of revenue from operation of IMG's Burnaby plant and any and all other plants (if any) constructed and operated by JVCo.

IMG Gold Recovery Inc. has developed an efficient, low cost and environmentally responsible method for economic recovery of very fine gold, silver and platinum group metals from placer, alluvial and tailing materials.

The Original LOI dated April 7, 2014 was extended to September 30, 2014.  To date, the following conditions of the Original LOI have been met:

i) 



Identification of the 5,000 tonnes of black sand concentrate; and

ii)



Identification and securing of a site for a commercial processing plant in British Columbia.




The outstanding conditions remain:





iii)  



completion of the independently verified 5 tonne bulk sample.  This bulk test is currently in progress at IMG's plant in Burnaby; and

iv) 



updated budgets for use of proceeds, annual operating proformas and cash flow projections.

 

Both parties are working diligently to conclude the transaction.

ON BEHALF OF THE BOARD:

"Steve Hanson"

Steve Hanson
CEO

Neither the TSX Venture Exchange Inc. nor its regulation services provider (as that term is defined in the policies of The TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Carolina Capital Corp.

For further information: contact Carolina Capital Corp. at: (604) 687-6991. Email: carolina.capital.corporation@gmail.com