Desert Gold Announces Sale of its Goldbanks Project
July 07 2012 - 3:49PM
PR Newswire (Canada)
/NOT FOR DISSEMINATION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/ TSX Venture Symbol: DAU
TORONTO, July 11, 2012 /CNW/ - Desert Gold Ventures Inc. (the
"Company" or "Desert Gold") is pleased to announce that it has
entered into an asset purchase agreement (the "Purchase Agreement")
to sell the Company's 50% participating interest in the Goldbanks
Mining property located in Pershing County, Nevada, USA (the
"Goldbanks Project") to Winnemucca Gold Corp., a privately held
Canadian company. The Purchase Agreement provides for consideration
of $5 million in cash, payable as follows: CAD$1,250,000 on
closing, with subsequent payments of $1,250,000 and $2,500,000 to
be made on the 6 month and 12 month anniversaries, respectively, of
the closing date. In the event that any of the post-closing
payments are not made, all legal and beneficial title to the
Goldbanks Project will immediately revert to Desert Gold. This sale
will allow the Company to focus its resources and efforts on its
core properties in Africa. About Desert Gold Ventures Inc. Desert
Gold Ventures Inc. is an advanced exploration and development
company which holds a portfolio of advanced mineral projects
located in Rwanda, Mali and Senegal together with a 50%
participating interest in a joint venture agreement with Kinross
Goldbanks Mining Company (a subsidiary of Kinross Gold Corporation
of Toronto, Ontario) in respect of the Goldbanks Mining property
located in Pershing County, Nevada, USA. This news release has been
prepared on behalf of the Board of Directors of Desert Gold, which
takes full responsibility for its contents. FORWARD-LOOKING
STATEMENTS AND TECHNICAL DISCLOSURE This press release includes
certain "forward-looking statements". All statements
regarding the ability of the Company to successfully complete this
transaction are forward-looking statements that involve various
risks and uncertainties. There can be no assurance that such
statements will prove to be accurate and actual results and future
events could differ materially from those anticipated in such
statements. All statements that are not historical facts,
including without limitation statements regarding future estimates,
plans, objectives, assumptions or expectations of future
performance, are "forward-looking statements". We caution you
that such "forward looking statements" involve known and unknown
risks and uncertainties that could cause actual results and future
events to differ materially from those anticipated in such
statements. Such risks and uncertainties include the
inability of the Company to close the transaction. The Company
expressly disclaims any obligation to update any forward-looking
statements except as may be required by law. This news release does
not constitute an offer to sell or a solicitation of an offer to
buy any of the securities in the United States. The
securities have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "U.S.
Securities Act") or any state securities laws and may not be
offered or sold within the United States or to U.S. Persons unless
registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is
available. All dollars in this release are in Canadian funds.
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. Desert Gold Ventures Inc. CONTACT: Jared
Scharf, Chief Financial OfficerTel. (416) 662-3971e-mail:
jared.scharf@desertgold.ca For further information on Desert Gold
Ventures Inc. please visit ourwebsite at: www.desertgold.ca
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