GGMC denies knowledge of US-based mining company

Jan 07, 2012 News

…as reports of definitive agreement surface

North Springs Resources Corp., a United States-based mining company may within 24 hours reach an agreement with the Government of Guyana to acquire 25, 000 acres of land to prospect for gold.
But both the Ministry of Natural Resources and Environment and the Guyana Geology and Mines Commission (GGMC) have denied knowledge of the existence of such an agreement. According to details published yesterday on the internet (MARKETWIREhttp://www.marketwatch.com/story/north-springs-resources-reaches-agreement-to-acquire-two-gold-properties-in-guyana-2012-01-06-9160) officials of the mining company are hoping to find out if the mineral deposits lie on the “tip of a much larger deposit lurking underneath.”
The 25,000 acres of land, for which the company is said to be finalizing negotiations, is divided into two plots and lies on the border of the Omai Gold Mines Gold operations.
The company yesterday reported that it has reached an agreement in principle to acquire a 100 per cent interest in two prospecting licences in the prolific gold producing region known as the Kaburi gold mining area in Guyana’s Upper Takutu, Upper Essequibo Region.
The Company is currently completing its final project due diligence and negotiating the definitive terms of the potential acquisition.
Reports circulating on the internet have suggested that a definitive agreement is expected to be had and executed by Monday.
But a Guyana Geology and Mines Commission (GGMC) yesterday insisted that he is unaware of any company called North Springs Resources Corp doing business with the GGMC. A subsequent statement issued by the Ministry of Natural Resources and the Environment denied knowledge that a company called North Springs Resources Corporation (NSRC) is doing business in Guyana with respect to Mining or Mineral Properties. “It must be pointed out that North Springs Resources Corporation has not contacted nor informed the GGMC of any joint venture or any letter of intent with any mining company or mineral tenure in Guyana.”
Extensive surveys conducted by the GGMC has already unearthed moderately to strongly anomalous gold concentrations within both properties that warrant immediate follow-up. The surveys on the mining plots reveal that it shares geological and geochemical characteristics with several well-known gold producing mines in the immediate area at Omai, Kaburi, Eldorado and Hicks.”
Harry Lappa, President of North Springs Resources is reported as describing the plots as two very large properties right in the middle of one of the most important gold producing regions in the world. He touts the venture as one with “huge potential upside with relatively low early stage risk.” The Omai Mine is located to the southeast of the two plots of land under negotiations.
The Kaburi gold mining area is part of a well-defined 1,000 mile long band of gold producing greenstone geology from Venezuela and French Guiana.
The proposed transaction now purportedly hinges on, “among other things, North Springs and the vendors entering into a definitive agreement and completion of satisfactory due diligence by both parties.”

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