OAKVILLE, ON, June 11, 2012 /CNW/ - Giyani Gold Corp. (TSXV: WDG) (the "Company") is pleased to announce that the South African Department of Mineral Resources ("DMR") has advised that the renewal of Prospecting Right LP 306 PR ("PR 306") and Prospecting Right LP 310 PR ("PR 310") to Rock Island Trading 17 (Pty.) Ltd. ("Rock Island") has been granted. DMR has advised the relevant renewal deed will be executed on July 11, 2012 with the only conditions that the Company pay the relevant prospecting fees, deliver sketch plans of the prospecting rights and provide the Company's work programs. PR 306 (Louis Moore) and PR 310 (Klein Letaba, Frankie, Birthday, and Horseshoe) cover mining properties (including formerly producing mines) held by Rock Island.
The Company will now proceed with closing of the Rock Island transaction which remains subject to the satisfaction of certain conditions, including receiving the final approval of the TSX Venture Exchange Inc.
About Giyani Gold Corp.
Giyani Gold is a publicly-traded junior exploration company focused on building a portfolio of under explored, past producing gold assets. Giyani Gold has entered into agreements to acquire five exploration licenses in the Giyani Archean Greenstone Belt located in the northeastern region of South Africa. These properties consist of more than 170 square kilometers of highly prospective greenstone belt with six past producing mines. Closing of these transactions remains subject to satisfaction of various closing conditions.
Giyani Gold has also assembled approximately 100 square kilometers of options and licenses within the western part of the Mishibishu Greenstone Belt near Wawa, Ontario. This greenstone belt is known for gold production with multiple operating mines in the region. These properties cover a 20 kilometer strike length and host a quartz - eye porphyry system.
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 news release.
On behalf of the Board of
Giyani Gold Corp.
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 the Company'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 the Company with securities regulators. The Company 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. Neither 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 release.
For further information:
Darren Collins, Corporate Communications
Email: [email protected]