Trading Symbol: WDG - (TSX.V)
VANCOUVER, Nov. 24 /CNW/ - Further to the news release of October 6, 2010 and November 2, 2010, 99 Capital Corporation (the "Company") is pleased to announce conditional approval has been granted by the TSX Venture Exchange ("TSX-V") for the acquisition of the Giyani Gold project. The conditions include - among others - review and approval of the National Instrument 43-101 ("NI 43-101") Technical Report, the delivery of a satisfactory title opinion, and consolidated financial statements of the entities being acquired.
The Company's Executive Management are currently in South Africa working towards the completion of the transaction. In accordance with the conditional approval, the Company has delivered a NI 43-101 Technical Report for review. While the Company continues with its due diligence process and finalizes the transaction, the Company and the vendor have agreed to extend the deadline for closing the transaction until December 31, 2010 to facilitate all matters pertaining to the closing of the transaction. Additionally, the Company is in the process of seeking the approval of the investors in its recent private placement acquisition financing to extend the escrow release date of that financing to accommodate the new closing deadline.
About the Giyani Gold Project: This strategic land package covers a key geologically prospective gold region of the world. Located in the northeast part of South Africa, the Giyani Greenstone Belt represents a historically under-explored region of the country and key industry development initiative for the Chamber of Mines of South Africa and the Geological Society of South Africa. The properties are all located within a 13 km long corridor of the highly prospective Giyani Greenstones that host considerable past production and exploration potential.
All technical information contained in this release is of historical nature and has not or could not be verified by the Company. Readers are cautioned to not rely on this information.
The Company's director, Mr. James A. Turner, a Qualified Person as defined by National Instrument 43-101, has read and approved the information contained herein.
Neither the TSX Venture Exchange 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 news release.
On behalf of the Board of
99 Capital Corporation
"Duane Parnham"
Duane Parnham,
Chairman
This news release contains forward-looking statements regarding the future success of the business of the Company that is subject to risk and uncertainties. Examples of such forward-looking statements including, but are not limited to, statements concerning the Company's acquisition of the interest in the Giyani Gold Project, expectations concerning timing and success of exploration activities generally, government regulation of exploration and mining operations, indications and benefits of exploration, drilling test work and engineering assessments, environmental risks, tile disputes or claims, and the Company's intention to raise additional capital and financing. These forward-looking statements involve known and unknown risk and uncertainties that may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied in these forward-looking statements. These risks include risks related to whether or not investors will agree to the escrow release extension, or that the Company will achieve closing of the transaction by the extended deadline of December 31, 2010, or at all, dependence on key personnel, competition, risks related to newly acquired businesses, uncertainty and dilution of additional financing and ability to service debt, as well as the risk factors described in the Company's Management Discussion and Analysis filed on SEDAR at www.sedar.com, and the risks to be described in any Management Information Circular. The forward-looking statements contained herein are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company undertakes no obligation to publicly update or revise any such forward-looking statements to reflect any change in its expectations or in events, conditions or circumstances on which any such forward-looking statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.
%SEDAR: 00026192E
For further information: For further information:
please contact Alexander Helmel, President at 604-676-4133
Share this article