VIPR Industries Moves to Acquire Additional Assets. Signs Term-Sheet Agreement for Acquisition of Two Gold Properties in Geita R
October 29 2008 - 6:00AM
Marketwired
VIPR Industries Inc. ("VIPR") (PINK SHEETS: VIPR) announces that it
has signed an agreement to purchase two mining licenses and
concessions in the Geita Region of Tanzania. The project is called
the Geita North Project, located in the renowned Geita region of
Tanzania. This region of Tanzania is known for possessing
significant mines and discoveries owned and operated by several
multinational mining companies.
The two properties are categorized within the Ministry of Energy
and Mines in Tanzania as PML (Primary Mining Licenses) and are
referenced by license numbers HQ-P15891 and HQ-P15890 respectively.
Terms for a final agreement are being negotiated and are awaiting
completion of a due diligence process. A map of the properties
location can be viewed on the company's website by clicking the
following link Geita Gold Project Properties Map
(http://www.viprindustries.com/VIPR/images/Geita%20Gold%20Projects.pdf).
The Company is also looking at and negotiating with other company's
for the possibility of adding further quality assets to its
portfolio.
The properties were introduced to the company through its chief
geologist in Tanzania, Mr. Jonas Mwano who is an employee of the
Tanzanian Ministry Of Energy and Mines, and well respected within
the Industry. Mr. Mwano believes the properties possess strong
strike potential which VIPR also hopes can possess anomalies
similar to the various big discoveries in the region. The property
is located within a region of Tanzania possessing very significant
mines and discoveries. The property is a mere 20 km from the Geita
Gold Mine owned and operated by Resolute Ltd; Ashanti Goldfields in
a joint venture with AngloGold, and Barrick Gold Corp where its
cost of production is known to be $250 per ounce making it a very
economically profitable mine.
Mike Gerstner, President and CEO of VIPR Industries commented,
"VIPR has chosen to search and expand on its asset base due to the
great potential of the properties and future growth value to the
company." Mr. Gerstner further commented, "VIPR has initiated the
due diligence phase and due to a potential conflict of interest,
VIPR will not be able to depend on the advice and expertise of Mr.
Mwano during this period. However, should all proceed as
anticipated Mr. Mwano will prove to be a strong asset to the
company due to his expertise and knowledge of the properties, the
region and Tanzania as a whole."
About VIPR Industries Inc.
VIPR Industries Inc. is a Nevada based precious metals
exploration and development company focused on gold, uranium, and
other precious metals 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. Forward looking statements 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, 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 (www.viprindustries.com/)
Contacts: VIPR Industries Inc. Investor Relations (416) 644-8648
Email: info@viprindustries.com Website: www.viprindustries.com