VIPR Industries Moves Towards Due Diligence Phase Following the Granting of Two Primary Mining Licenses (PML) on Properties Loca
November 14 2008 - 4:05PM
Marketwired
VIPR Industries Inc. ("VIPR") (PINK SHEETS: VIPR) announces that
its recently announced exclusive LOI for the possible acquisition
of 2 gold prospecting properties, located 20 km from the very
lucrative Geita Gold Mine has been granted PML's (primary mining
licenses) from the ministry of energy and mines as per section 95
of the mining act of 1998. 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 now categorized within the Ministry of
Energy and Mines in Tanzania as PML (Primary Mining Licenses).
Application number HQ-P15896 is now referenced by license numbers
PL 5422/2008, an area of approximately 122.87 sq/km. Application
number HQ-P15890 was also granted a PML which is also located in
the Geita and Sangerema districts of Tanzania, an area
approximately 81.92 sq/km. A third property noted in the LOI is
also awaiting the granting of a PML which is expected shortly.
VIPR is now able to proceed with its due diligence towards a
possible purchase of the properties. The company will be searching
for any indicators that will give hope to the properties possibly
possessing 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.
About VIPR Industries Inc.
VIPR Industries Inc. is a 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 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. 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