Positive Phase I Exploration Results Persuades VIPR Industries to Exercise Its Option and Increase Its Position at Singida
September 17 2008 - 9:45AM
Marketwired
VIPR Industries Inc. ("VIPR") (PINK SHEETS: VIPR) announces that
due to the positive and encouraging Phase I Exploration results
obtained in its acquisition from Kinti Group, it has exercised its
option and increased its property rights at Singida by combining
its existing Mining License (ML) rights with an additional 8 Mining
Licenses and Concessions. Its property has now been increased from
75 hectares to 128 hectares in size. The 16 mining licenses have
subsequently been amalgamated into 1 (one) Mining License by the
Tanzanian Ministry of Energy and Mines. The new amalgamated mining
License number is ML309/2008.
VIPR acquired the rights to the additional Singida Gold Licenses
and Concessions from Kinti Group Inc., a Toronto, Ontario, based
private company for an additional 2,000,000 shares and cash. A cash
component of $50,000 is required to be paid of which $20,000 has
thus far been advanced. The remaining amount to be paid is to be
advanced once Kinti completes the license transfer with the
Tanzanian Ministry of Energy and Mines. The property is located
adjacent to the Shanta Gold Deposit. Shanta results have thus far
indicated a Gold Resource in excess of 543,000 ounces, of which
330,000 ounces have been classified as a measured resource and
127,000 ounces as an indicated resource according to Shanta and
GeoLogix MRC (Pty) Ltd. (at a 0g/t cutoff).
After receiving positive data from its phase I Exploration
program on its recently announced grab / Soil Sample Report, the
company decided to exercise its option to purchase the rights to
the additional licenses as it believes a strong potential exists
for similar anomalies when compared to the adjacent Shanta
property, eventually allowing for possible open put mining as is
the case with the Shanta property. VIPR purchased the assets which
are classified as actual mining licenses, (NOT Prospecting
Licenses) which will allow the company to fast track any planned
future exploration or mining activities on the properties. The
Company is in the planning stages on its next phase of
exploration.
About VIPR Industries Inc.
VIPR Industries Inc. is a precious metals exploration and
development company focused on gold, uranium and other high quality
precious metal resources and reserves through mergers, acquisitions
and resource development.
Cautionary "Safe Harbor" Statement: Under the Private Securities
Litigation Reform Act of 1995. Some of the information included in
this press release and other documents by VIPR Industries Inc. (as
well as information included in statements made by its
representatives, about information about the business it is engaged
in or proposes to engage in or about acquisitions) may contain
forward looking statements. Such statements may refer to other
adjacent properties and company's and their announced / reported /
released estimates. Although VIPR is encouraged from its
property(s), there is no assurance that the same or similar
results, or mineralization will be found on VIPR's property(s).
Forward looking statements that do not relate strictly to
historical or current facts, often will be phrased in the future
tense and may include the words "may," "could," "should," "would,"
"believe," "expect," "anticipate," "estimate," "intend," "plan" or
other words or expressions of similar meaning. Forward looking
statements that relate to VIPR Industries Inc. ("VIPR") or its
present or proposed business are based on VIPR's current beliefs
and expectations about future events and include statements that
reflect management's beliefs, plans, objectives, goals,
expectations, anticipations and intentions with respect to VIPR's
financial condition, results of operations, future performance and
business, including statements relating to VIPR's business strategy
and VIPR Industries current and future development plans. Factors
that could cause actual results to differ materially from
projections include, among others, precious metals prices,
decisions and activities of the operator of the various properties,
unanticipated grade, geological, metallurgical, processing or other
problems the operator may encounter, changes in project parameters
as plans continue to be refined, economic and market conditions,
and the inability to raise adequate capital as well as other
factors described elsewhere in this press release or any other
filings submitted by VIPR. In addition, acquired royalty interests
on certain projects are subject to risks associated with conducting
business in a foreign country, including application of foreign
laws to contract and other disputes, foreign environmental laws and
enforcement and uncertain political and economic environments. Most
of these factors are beyond the Company's ability to predict or
control. The Company disclaims any obligation to update any
forward-looking statement made herein. Readers are cautioned not to
put undue reliance on forward-looking statements.
For more information please visit
(http://www.viprindustries.com/).
Contacts: VIPR Industries Inc. Investor Relations (416) 644-8648
Email: info@viprindustries.com Website: www.viprindustries.com