OAKVILLE, ON, July 11, 2012 /CNW/ - Giyani Gold Corp. (TSXV: WDG) ("Giyani Gold") is pleased to announce that the South African Department of Mineral Resources has delivered the deed of renewal of Prospecting Right LP 306 PR, a prospecting license covering the Louis Moore mining property, and Prospecting Right LP 310 PR, a prospecting license encompassing the Klein Letaba, Frankie, Birthday, and Horseshoe mining properties, to Rock Island Trading 17 (Pty.) Ltd. ("Rock Island") has been executed and delivered. Both prospecting licenses encompass a number of former producing mines.
Giyani Gold 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.
Grant of Options
Giyani Gold also announces it has granted 1,575,000 options to members of Giyani Gold's board of directors, management team, employees and consultants. Each option is exercisable at $1.30 per common share which reflects a 13% increase over the closing price of Giyani Gold shares on July 10, 2012. All options vest immediately and expiring July 10th, 2017.
In addition, 50,000 options were granted to Vicarage Capital Limited (as opposed to the warrants originally announced - see news release dated June 18, 2012). The vesting of these options will be granted on a quarterly basis over a 12 month period.
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.
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Giyani Gold Corp.