Tierra Grande Resources Inc. Signs an Updated LOI to Acquire the Buldibuyo Gold Project, a Near-Term Gold Producing Asset in ...
May 13 2014 - 8:18PM
Tierra Grande Resources Inc. (the "Company") (OTCBB:TGRI) is
pleased to announce that it has signed an updated letter of intent
("LOI") to acquire the Buldibuyo Gold Project (the "Project")
located in Peru for a total price of (USD) 8.7 million, comprised
of (USD) 4.5 million cash and (USD) 4.7 million equivalent in
shares, in accordance with a 30 month payment schedule. The LOI
paves the way forward to finalize the purchase by entering formal
agreements and commence work on the Project.
About The Buldibuyo Gold Project
The Buldibuyo Gold Project comprises of two mining concessions,
an existing underground mine with excellent extensional
opportunity, a carbon-in-pulp treatment facility, accommodation
camp, site infrastructure, as well as two well defined exploration
targets.
The Project is located approximately 800km North East of Lima in
the Northern Peru Copper-Gold belt. The region is host to numerous
world class gold mines, including the Retamas Gold Mine and the
Horizonte Gold Mine which have both been operating for over thirty
years and have similar Geology to Buldibuyo.
Andrew Gasmier, President & CEO of the Company, stated, "The
Buldibuyo project represents a real near term production
opportunity for Tierra Grande Resources to develop, as well as two
very exciting exploration targets in a region that is well known
for high grade underground gold mines. The Company believes that
the Buldibuyo Gold Project will underpin the future of the company,
generate cash-flow, create shareholder value and benefit the local
community."
About Tierra Grande Resources Inc.
Tierra Grande Resources is an exploration stage company whose
principal business is the acquisition and exploration of mineral
resources. Information about the business of the company can be
found in its filings with securities regulatory authorities.
Forward-looking Statements:
This press release may contain forward‑looking statements that
involve risks and uncertainties. These statements relate to future
events or our future financial performance. In some cases, you can
identify forward‑looking statements by terminology including
"could", "may", "will", "should", "expect", "plan", "anticipate",
"believe", "estimate", "predict", "potential" and the negative of
these terms or other comparable terminology. While these
forward‑looking statements, and any assumptions upon which they are
based, are made in good faith and reflect our current judgment
regarding the direction of our business, actual results will almost
always vary, sometimes materially, from any estimates, predictions,
projections, assumptions or other future performance suggested in
this report. Except as required by applicable law, we do not intend
to update any of the forward-looking statements so as to conform
these statements to actual results. Investors should refer to the
risks disclosed in the Company's reports filed from time to time
with the Securities and Exchange Commission and available at
www.sec.gov.
CONTACT: Mr. Andrew Gasmier, President & CEO, at +61 409 102 356
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