VIPR Industries Signs Agreement for Acquisition of Third Additional Gold Property Within Rich Geita Region of Tanzania
November 03 2008 - 5:17PM
Marketwired
VIPR Industries Inc. ("VIPR") (PINK SHEETS: VIPR) announces that it
has signed an agreement for a purchase of a possible third gold
property in the rich Geita Region of Tanzania. The third property
is located next to 2 properties previously disclosed in a prior
press release by VIPR. This region of Tanzania is known for
possessing significant mines and discoveries, owned and operated by
several multinational mining companies.
The third property is categorized within the Ministry of Energy
and Mines in Tanzania as HQ-15896 which lies directly adjacent to
HQ-P15891 and HQ-P15890 respectively. The company decided to tie up
the third property due to its close proximity to the two previously
announced properties as well as the region that all properties are
located in which is the rich Geita Region of Tanzania. The 3
properties are located within a region of Tanzania possessing very
significant mines and discoveries. The 3 properties are 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. Terms for a
final agreement are being negotiated but are awaiting completion of
a due diligence process and approval of the 3 licenses by the
Ministry Of Energy and Mines. A map of the properties location can
be viewed on the company's website.
The 3 properties are not classified by the Ministry Of Energy
and Mines as Primary Mining Licenses (PML's) but are in the
application process with the Ministry Of Energy and Mines for a
Primary Mining License (PML). VIPR wishes to clarify that the prior
release of the 2 adjacent properties made on October 29, 2008 was
not accurate with its statement that the properties were Primary
Mining Licenses. All 3 properties are in the application process,
but expectations are high that they will all be shortly converted
to PML's.
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.
Contacts: VIPR Industries Inc. Investor Relations (416) 644-8648
Email: info@viprindustries.com Website: www.viprindustries.com