SOURCE: Amalgamated Gold and Silver Inc.

March 04, 2015 18:00 ET

AGS Inc. Is Pleased to Announce the Acquisition of Mmelesi Investment & Logistics Gold Refinery and Supply Contracts of 30-40 Kilograms of Gold per Week

MIAMI, FL--(Marketwired - March 04, 2015) - Amalgamated Gold and Silver Inc. (AGS) (OTC PINK: BCHS) today announced the successful completion of the negotiations to purchase the gold refinery company in South Africa, Mmelesi Investment and Logistics Metals (Pty) Ltd.

Mmelesi Investment and Logistics (Pty) Ltd. was historically licensed to import, export and sell Au (gold). Changes in the South African minerals and mining act placed new demands of Broad-Based Black Economic Empowerment (BBEE) ownership and the actual capability to refine gold as a prerequisite to obtaining a license, in this case a refining license.

Management of Mmelesi Investment and Logistics (Pty) Ltd. had refocused and restructured the company to ensure compliancy and has equipped it to enable its refining capacity. Applications were lodged and the regulatory authority has done its required investigatory visit.

The issue of the refining license is imminent and coupled with the fact that there are already three supply contracts/undertakings in place to provide from 30-40 kilograms of gold per week, prompted the board of AGS to complete the acquisition.

Negotiations were completed on the 27th of Feb. 2015 and its now fact that AGS has expanded its capability to deliver extraordinary value to shareholders this fiscal year.

It is with great excitement and enthusiasm that we are awaiting the launch of the refinery at Mmelesi Investment and Logistics (Pty) Ltd. It once again highlights the commitment of AGS management to aggressively enter a market dominated by large corporates and deliver extraordinary value to our shareholders said Mr. Almero Bourbon VP of Mining.

The information in this press release constitutes "forward-looking information". Other than statements of historical fact, all statements are "Forward-Looking Statements" that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "Forward-Looking Statements". Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.

Contact Information

  • Amalgamated Gold and Silver Inc.
    80 SW 8 Street, Suite 2000
    Miami, Florida 31330 USA