OAKVILLE, ON, Feb. 11, 2014 /CNW/ - Giyani Gold Corp. (TSXV: WDG, JSE: GIY, NSX: GGC) ("Giyani Gold") announces a corporate update on its outlook and strategy for 2014.
Duane Parnham, Executive Chairman of Giyani Gold, made the following comments: "My team and I remain committed to our strategy of strengthening Giyani Gold's position in southern Africa by means of making a strategic acquisition. Our listings in South Africa, Namibia, and Toronto provide a strategic and competitive advantage for Giyani Gold that gives us the flexibility to trade, raise capital, and seek acquisitions on a broad scale throughout Africa."
Giyani Gold continues to actively examine and pursue acquisition targets in Africa but at this time is not in any advanced-stage discussions with vendors.
Mr. Parnham further noted: "This past year has been challenging for small cap equities in the mining sector, and it is our expectation that in 2014 our sector will likely continue to face similar challenges. I have led companies through these types of down-markets in the past, and my team and I have a history of maintaining and generating value in both good and bad markets. We will continue to conduct exploration activities on the Giyani Gold Project and work towards acquiring a significant, under-valued asset that will reward shareholders as the small cap market starts to trend upwards."
Giyani Gold plans to continue its exploration program on the Giyani Gold Project in South Africa to expand the new gold zone (the "New Gold Zone") originally discovered near the historic Klein-Letaba Mine in Hole KL12-01 (including: 13.162 g/tonne Au over 15.1m), and to drill previously untested targets near the past-producing Horseshoe Mine.
The continuation of all exploration programs is contingent upon Giyani Gold's State-owned partner Corridor Mining Resources Pty Ltd. ("CMR") paying their outstanding R2.8M share of 2013 operating expenses and the formalization of 2014 budgets. Giyani Gold and CMR continue to share all exploration expenditures incurred on the Giyani Gold Project on a 50/50 basis, and an additional update surrounding the 2014 exploration program will be made at such time that Giyani Gold and CMR have resolved all payment and budgetary items.
Giyani Gold is awaiting section 11 approval from the South African Department of Mineral Resources ("DMR") on a transaction to acquire two prospecting rights adjacent to the Giyani Gold Project. In addition, Giyani Gold has pending applications with the DMR for additional prospecting rights in the Giyani Greenstone belt.
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 Giyani Gold Corp.
"Duane Parnham", Executive Chairman
R.S. Middleton, P.Eng, Vice President of Exploration of Giyani Gold, is a qualified person as such term is defined in National Instrument 43-101 and has reviewed and approved the technical information and data included in this press release.
Forward Looking Statements
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release or other future plans, objectives or expectations of Giyani Gold Corp. 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 Giyani Gold's plans or expectations include risks relating to the actual results of current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by Giyani Gold with securities regulators. Giyani Gold expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
SOURCE: Giyani Gold Corp.
For further information:
Luke Vigeant, Head of Communications
Giyani Gold Corp.
Tel: 1.905.844.1456 X237