/NOT FOR DISTRIBUTION TO US WIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES OF AMERICA/
Trading Symbol: TSX-V: GGD
Shares Issued: 61,058,331
HALIFAX, June 28, 2012 /CNW/ - Terry Coughlan, President and CEO of
GoGold Resources Inc. ("GoGold" or the "Company") (TSX-V: GGD), is pleased to further update the acquisition
transaction ("Acquisition") of Absolute Gold Holdings Incorporated ("Absolute"). The Acquisition has received conditional approval from the
TSX-Venture Exchange and the approval of the shareholders of Absolute.
The Acquisition now proceeds to a vote of GoGold shareholders ("GoGold Shareholders") at a special meeting to be held in Halifax, Nova Scotia, on July 20th, 2012 (the "Meeting").
An Information Circular outlining the full details of the Acquisition,
together with proxy/voting information forms, were mailed to GoGold
Shareholders on June 27, 2012. The Information Circular details the
voting instructions pertaining to the Acquisition. All shareholders
are encouraged to vote in person or by proxy. Proxies must be returned
no later than 11:00 am (Halifax time) on July 18th 2012. The Acquisition will require the approval of greater than 50% of
the votes cast by the shareholders of GoGold present in person or
represented by proxy at the Meeting. In addition, GoGold has
determined that the Acquisition should also be approved by a majority
of votes present at the Meeting in person or by proxy, excluding the
votes of Absolute principals and their affiliates and associates. The Company is expecting the completion of the transaction
to close around the first week of August, 2012.
Upon the GoGold Shareholders approving the Acquisition at the Meeting
and upon receiving final approval of the TSX Venture Exchange, the
Company anticipates hosting a corporate presentation on GoGold's and
Absolute's go forward plan on August 1, 2012 at 5:00 PM at the World Trade and Convention Centre located in Halifax,
Nova Scotia. With the addition of the Parral Tailings Project to the
GoGold project portfolio and the potential of near term production from
the project, GoGold will be well positioned to take advantage of the
current gold and silver markets. All shareholders and interested
parties should plan to attend to see what the Acquisition could mean to
GoGold and get acquainted with its go forward strategy.
Terry Coughlan, President and CEO stated: "The Absolute deal should be
completed by the first week of August. The deal provides GoGold with an
on-surface resource of 37,100,000 silver equivalent ounces OR 741,000
gold equivalent ounces (see press release dated June 4, 2012) and $30
million in cash. Upon completion of the deal, we plan to fast-track the
Parral project towards production while continuing to explore the
exciting San Diego Project. With the recent discovery of porphyry-style
mineralization, the San Diego Project has taken on a new exploration
approach as the potential mineralized target has increased
dramatically. With the recent discoveries of large intercepts of copper
mineralization the company believes the area has the potential to host
a much larger mineralized deposit than what was previously
The special meeting of the shareholders of Absolute was held on June 22,
2012 to approve the plan of arrangement under the Canada Business Corporations Act to give effect to the Acquisition. The approval was unanimous with
100% of the Absolute shareholders voting in favor of the Acquisition.
New Technical Report for San Diego Project
An updated National Instrument 43-101 ("NI 43-101") Technical Report dated June 27, 2012 will be filed on SEDAR. The
report is titled "Technical Report on The San Diego Property, Durango,
Mexico" prepared by Peter Webster, P.Geo. Mercator Geological Services
and David Duncan, P.Geo. D.R. Duncan & Associates Ltd.
37,100,000 Measured and Indicated silver equivalent ounces OR 741,000
Measured and Indicated gold equivalent ounces (50:1) in two zones located near the town of Parral, Chihuahua State, Mexico.
The overall grade of the resource is 1.08 g/t gold equivalent (50:1), (38.5 g/t silver and 0.31 g/t gold) in 21,300,000 tonnes.
Mr. David R. Duncan P.Geo is the qualified person as defined by NI
43-101 and is responsible for the geological information from the NI
43-101 report contained in this news release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
This News Release includes certain "forward-looking statements". All
statements other than statements of historical fact, included in this
release, including, without limitation, statements regarding potential
mineralization and reserves, exploration results, and future plans and
objectives of GoGold, are forward-looking statements that involve
various risks and uncertainties. There can be no assurance that such
statements will prove to be accurate and actual results and future
events could differ materially from those anticipated in such
statements. Important factors that could cause actual results to
differ materially from GoGold's expectations are exploration risks
detailed herein and from time to time in the filings made by GoGold
with securities regulators.
SOURCE GOGOLD RESOURCES INC.
For further information:
Terence F. Coughlan, President and CEO,
Sean Tufford, Vice President, Corporate Development
GoGold Resources Inc.,
T: 902 482-1998
F: 902 442-1898
Email : email@example.com
Or visit : www.gogoldresources.com