TORONTO, June 25 /CNW/ - Gold World Resources Inc. (GDW-TSX Venture) (the
"Company") is pleased to announce that it has signed a Letter of Intent
("LOI") with Kun Peng Mining Company Limited ("Kun Peng") of Chifeng City,
Inner Mongolia (northern China).
The purpose of the LOI is to provide the Company the opportunity to
complete due diligence on the Kun Peng operating gold mine and associated ore
deposit with the intention of executing a commercial transaction with Kun Peng
which may include a Cooperative Joint Venture, Equity Joint Venture or
purchase of Kun Peng, including two mining licenses and two exploration
licenses for underground gold mining and exploration.
The cooperative mineral blocks cover an area of 28.395 km(2) and are
located on the south slope of the Comb Mountain range in Yanchigou of Xigiao
Township of Kalqin County. The mining area is 62 km north of Chifen City
accessible via a paved road.
A report, prepared by Beijing Geology Development Corporation (dated
December 2007) describes ore bodies occurring in extensive altered fracture
zones with an average gold grade of 9.08 g/t (not 43-101 compliant). Gold
grades between 4.39 g/t and 14.22 g/t are quoted for three mining areas.
The mining method currently used at the Kun Peng mine is open stope
retreat mining with mining levels established at 40 m vertical intervals. Gold
ore is transported to the surface in 1-ton side-dumping cars where it is
loaded onto dump trucks by wheel loaders and shipped to a nearby mill. The
mill's 50 t/day capacity is presently being increased to 300 t/day coupled
with a matching increase in underground production capacity. The mill produces
a pyrite concentrate which is shipped to a nearby smelter by dump truck for
The Company has commissioned SRK of Beijing, an internationally
recognized engineering firm, to prepare a Technical Review of the Kunpeng Gold
Projects, Chifeng, Inner Mongolia to assist the Company in establishing the
parameters for a commercial transaction.
The objective of the Company is to use its current base and contacts in
China to acquire both prospective exploration properties for exploration and
development as well as currently operating properties which have the potential
for increased production and ore reserves through the application of Company's
Canadian gold mining expertise.
About Gold World Resources Inc.:
The Company is exploring for precious metals in China and has recently
signed a Joint Venture Contract to establish a Sino-Foreign Contractual Joint
Venture Company for the exploration and development of the Ming Project. For
more information about the Company's activities we invite you to visit our
ON BEHALF OF THE BOARD
Chairman & CEO
Gold World Resources Inc.
Certain of the statements made and information contained herein is
"forward-looking information" within the meaning of the Securities Act
(Alberta), including statements concerning Gold World Resources' plans for the
Property, which involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or achievements of
Gold World Resources, to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking
information. Such information contained herein represents management's best
judgment as of the date hereof based on information currently available.
The TSX-Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Hermann Derbuch, P.Eng., Tel.: (416) 594-9888,
Fax: (416) 594-1967