VANCOUVER, March 22, 2013 /CNW/ - GMV Minerals Inc. (the "Company" or "GMV") (TSX-V: GMV) today announces that, after a thorough review of its 2012 Guyana exploration program, the board of directors has determined that the Company will significantly scale back its exploration activities in Guyana for the remainder of 2013. GMV will retain its option to earn a 100% interest in select land packages including 1 large prospecting licence and 97 medium scale licences.
The Company currently has working capital in excess of $1.6 million in cash and liquid securities, and no debt. Certain assets related to surplus exploration operations that are no longer required are being sold. The proceeds from any such sales will be added to the Company's working capital.
GMV is actively searching for a value added resource based acquisition and to that end, the Company has established a technical committee to review advanced opportunities that better suit the investment of company resources.
The Company will issue news if and when events surrounding a potential acquisition or investment become material.
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 or has in any way passed upon the merits of the transaction and has neither approved nor disproved the contents of this press release.
This news release may contain forward-looking statements based on assumptions and judgments of management of the Company regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. The Company disclaims any intention or obligation to revise or update such statements except as may be required by law.
SOURCE: GMV Minerals Inc.
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