Monarchy Resources announces Completion of Initial Purchase of New World Metals, S.A.P.I. de C.V
20 Jun, 2013, 12:00 ET
MANILA, Philippines, June 20, 2013 /CNW/ - Monarchy Resources, Inc., (OTCBB: MONK.OB) today announced that the company completed its of the Acquisition of an Initial 28% Interest in New World Metals, S.A.P.I de C.V.
As previously disclosed in a Form 8-K filed on May 15, 2013, the Company entered into a Share Exchange Agreement on May 8, 2013, for an initial 28% of New World Metals, S.A.P.I. de C.V. ("New World"), a Mexican mining operator based in Chihuahua, Mexico. After a full review and due diligence period, this agreement is now successfully completed effective as of June 17, 2013.
New World Metals currently owns two operational mines in Chihuahua, Mexico, which are currently producing 200 tons of ore per day. As of 2013, the company will expand their mine production to 360 ton-per-day within two years. The cash flow model will pay for its growing portfolio of gold and silver exploration projects located in Chihuahua, Mexico, as well as investing to increase capacity in the processing plant to 500 TPD and additional mine acquisitions. Management is forecasting approximately 2,000 - 2,500 ounces of gold production and 350,000 - 400,000 ounces of silver production in 2013.
About Monarchy Resources
Monarchy Resources ("Monarchy") is engaged in the acquisition of investing in historically significant, mining claims and mining real estate world-wide with mineral reserves primarily consisting of precious metals. Monarchy Resources takes a minority, non-operated position in precious metal mining projects. We combine experienced management, low overhead and capital towards promising strategic acquisitions. We allow operators to remain focused on their operated interests and in return Monarchy receives revenue share of the profits from such participation. Monarchy's non-operated position continues to gain momentum as Monarchy partners with more operators and land professionals.
About New World Metals
New World Metals Corporation ("NWM") is a mineral development, ore processing and refining company focusing on expanding its production of gold and silver in Chihuahua, Mexico. NWM has two operational mines currently producing 200 tons per day. As of 2013 the company is in the process of acquiring an equal share percentage on a 250-ton per day processing plant. They will expand their mine production to 360 ton-per-day within two years.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties, including the Company's beliefs about its business prospects and future results of operations. Some factors that could cause actual results to differ materially include economic and operational risks, changes in anticipated earnings, continuation of current contracts, and other factors detailed in the Company's filings with the Securities and Exchange Commission, including its most recent Forms 10-K and 10-Q. The Company forecasts provided above are dynamic and therefore refer only to this release date. The Company does not undertake to update any forecasts that it may make available to the investing public.
SOURCE: Monarchy Resources, Inc.
For further information:
Share this article