VIPR Industries Closes on Purchase Agreement, Acquires 10 Data Bearing Gold Mining Licenses Located in Singida Region, Tanzania
March 02 2009 - 10:46AM
Marketwired
VIPR Industries Inc. ("VIPR") (PINK SHEETS: VIPR) announces it has
closed and acquired 10 gold mining licenses within the Singida
region of Tanzania, as previously announced. The 10 licenses are
subject to Section 95 of the Mining Act of 1998.
The property is situated at the Msangachuki village in the
Singida region, north east of Singida town in Tanzania and
referenced as QDS 123/3. The property is situated within the
Londoni greenstone belt, next to Shanta's Singida project, drilling
results have intersected up to 2 meters @ 512 g/t and results
indicate a significant gold resource of over 543,000 oz.
The acquisition is accompanied with what the company perceives
to be pertinent data and documentation. VIPR signed an option to
swap its original Singida property in exchange for the 10 Londoni
licenses with no further consideration to be paid, but retains its
option and a right of first refusal on its original Singida
concession.
JC Barbeck, President and CEO of VIPR Industries commented, "The
acquisition by the Company was mainly due to the company's
perceived quality of the data and of the gold mineralization
potential of the area as well as the potential to significantly
expand its position in the area". Mr. Barbeck further commented,
"With this acquisition, we believe the company is now in a better
position to secure its phase II of exploration financing."
Safe Harbor
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995
(The "Act"). In particular, when used in the preceding discussion,
the words "pleased" "plan," "confident that," "believe," "expect,"
or "intend to," and similar conditional expressions are intended to
identify forward looking statements within the meaning of the Act
and are subject to the safe harbor created by the Act. Such
statements are subject to certain risks and uncertainties and
actual results could differ materially from those expressed in any
of the forward-looking statements. Such risks and uncertainties
include, but are not limited to, market conditions, general
acceptance of the Company's products, competitive factors, the
ability to successfully complete additional financings and other
risks described in the Company's filings and website, which all
investors are advised to view at
www.viprindustries.com/motion.asp?menuid=6266&lgid=1&siteid=100382.
For more information please visit
(http://www.viprindustries.com/).
Contacts: VIPR Industries Inc. Investor Relations (702) 940-0440
Email: info@viprindustries.com Website: www.viprindustries.com