AuRo Resources Corp. (the "Company") (TSX VENTURE: ARU) is pleased
to announce that it has entered into a binding letter of intent to
acquire all of the issued and outstanding securities (the "Target
Shares") of White Gold Corporation ("White Gold"), an arm's length
private Alberta corporation, engaged in gold exploration in
Colombia, South America. The combined AuRo Resources and White Gold
will possess a large and diverse strategic property portfolio of
approximately 70,000 hectares within Colombia's most prolific gold,
silver and copper exploration and mining regions.
Overview of White Gold
Through its wholly-owned Colombian subsidiary, Oro Barracuda
SAS., White Gold has solicited nearly 70,000 hectares in Colombia
for mineral exploration. The concessions are a combination of
concession titles and applications, located in two major gold
regions of Colombia, covering parts of five departments
("Provinces"), including nearby the California-Vetas gold-silver
mining district, host to Greystar Resources Ltd.'s multi-million
ounce Angostura gold-silver deposit and Ventana Gold Corp.'s 3.5
million oz La Bodega gold discovery. The balance of properties are
located in the departments of Tolima and Quindio in three distinct
blocks near the La Colosa project, a 12.3 million oz gold deposit
discovered by AngloGold Ashanti Ltd. La Colosa is one of the
largest new gold discoveries in South America.
FOR THE PURPOSE OF PROVIDING INFORMATION RELATING TO THE SURATA
GOLD PROJECT - SANTANDER, ARBOLEDAS GOLD PROJECT - NORTE DE
SANTANDER, AND LA COLOSA GOLD PROJECTS - TOLIMA AND QUINDIO (THE
"PROPERTIES"), THE COMPANY IS RELYING ON INFORMATION PROVIDED TO IT
BY WHITE GOLD. INFORMATION PERTAINING TO THE SURATA AND ARBOLEDAS
PROPERTIES INCLUDES INFORMATION DERIVED FROM NATIONAL INSTRUMENT
43-101 REPORTS, AS PREPARED FOR WHITE GOLD CORPORATION BY ANDREW J.
TURNER, P.GEO. INFORMATION PERTAINING TO THE LA COLOSA PROPERTIES
WAS DERIVED FROM HISTORICAL GEOLOGICAL INFORMATION AND DOES NOT
PRESENTLY CONFORM TO THE STANDARDS AS OUTLINED IN NATIONAL
INSTRUMENT 43-101.
Key Projects:
Surata Gold Project - Santander
-- Interests in approximately 20,000 hectares located approximately 10-25
kilometres from Ventana Gold Corp.'s La Bodega project and Greystar's
Angostura project.
-- Initial samples include sulphide bearing (pyritic) quartz veins with
assays up to 3.06 g/t gold. These samples possessed a fairly unique
geochemical signature with a strong epithermal association including
elevated arsenic, antimony, bismuth and copper.
-- The Surata property has bedrock geology similar to that which hosts
mineralization in the California-Vetas district.
-- Gold has been discovered by in an area 10 kilometres northwest of La
Bodega along a parallel NE trending fault structure.
Arboledas Gold Project - Norte de Santander
-- Interests in approximately 14,000 hectares located approximately 18-25
kilometres north of the La Bodega and Angostura deposits.
-- Gold has been identified in areas exposed by landslides and active
artisanal mining.
La Colosa Gold Projects - Tolima and Quindio
-- White Gold has titles and applications for concessions in three separate
areas in the departments of Tolima and Quindio located south, east and
west of AngloGold's La Colosa discovery.
-- The land package totals approximately 31,000 hectares, with the closest
group of concessions approximately 12km from the La Colosa deposit. With
reported resources of 12.3 million ounces, La Colosa is the largest new
gold discovery in Colombia.
Key Terms of the Transaction:
-- The Company will offer to acquire the Target Shares in exchange for
common shares in the capital of the Company with an approximate
aggregate value of $5 million.
-- The number of Issued Shares to be issued shall be the greater of (i)
18,490,000 common shares or (ii) such number of common shares having an
aggregate value of $5 million. These shares will be distributed to
approximately 100 White Gold shareholders.
-- The Company will commit a minimum of $350,000 towards exploration and
development of the Properties following the execution of a definitive
agreement.
-- The entering into of a definitive agreement is subject to regulatory
approval and the completion of due diligence by each of the Company and
White Gold, and the approval of the transaction by their respective
boards of directors.
-- On closing, White Gold's founder and President, John Gomez, will join
the Board of Directors of the Company. Mr. Gomez is an entrepreneur with
20 years experience in investor relations, corporate finance, and
business development with public and private companies. He has developed
communications programs for several leading Canadian and international
companies including corporations currently or previously listed on the
NASDAQ and TSX Venture Exchanges. Mr. Gomez is founder of U3O8 Media
Inc. (www.u3o8.biz), a leading online investor portal on the uranium
industry and founder of RAGOM Sports Inc., a retailer of professional
sports merchandise. Mr. Gomez has a B.A. from the University of
Victoria, British Columbia.
ON BEHALF OF THE BOARD
Mark Lawson, President & CEO
ON BEHALF OF THE BOARD OF WHITE GOLD CORPORATION
John Gomez, President & CEO
Cautionary Note Regarding Forward-looking Statements
Certain statements contained in this news release may constitute
forward-looking information, within the meaning of Canadian
securities laws. Forward-looking information may relate to this
news release and other matters identified in the Company's public
filings, Forward-looking information and anticipated events or
results and can be identified by terminology such as "may", "will",
"could", "should", "expect", "plan", "anticipate", "believe",
"intend", "estimate", "projects", "predict", "potential",
"continue" or other similar expressions concerning matters that are
not historical facts and include, but are not limited in any manner
to, those with respect to capital and operating expenditures,
economic conditions, availability of sufficient financing, receipt
of approvals, satisfaction of closing conditions and any and all
other timing, development, operational, financial, economic, legal,
regulatory and/or political factors that may influence future
events or conditions. Such forward-looking statements are based on
a number of material factors and assumptions, including, but not
limited in any manner, those disclosed in any other public filings
of the Company, and include the ultimate availability and final
receipt of required approvals, sufficient working capital for
development and operations, access to adequate services and
supplies, availability of markets for products, commodity prices,
foreign currency exchange rates, interest rates, access to capital
markets and other sources of financing and associated cost of
funds, availability of a qualified work force, availability of
manufacturing equipment, no material changes to the tax and
regulatory regime and the ultimate ability execute its business
plan on economically favorable terms. While we consider these
assumptions to be reasonable based on information currently
available to us, they may prove to be incorrect. Actual results may
vary from such forward-looking information for a variety of
reasons, including but not limited to risks and uncertainties
disclosed in other Company filings at www.sedar.com and other
unforeseen events or circumstances. Other than as required by law,
the Company does not intend, or undertake any obligation to update
any forward looking information to reflect, among other things, new
information or future events.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: AuRo Resources Corp. Jeremy Ross Corporate Development
604-893-8838 AuRo Resources Corp. Tyler Ross Corporate Development
604-893-8838 604-681-0796 (FAX) AuRo Resources Corp. Mark Lawson
President & CEO 416-623-0565 www.auroresources.com
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