TORONTO, ONTARIO--(Marketwire - July 18, 2011) - Angus Mining (Namibia) Inc. ("Angus" or the "Company") (TSX VENTURE:ANA), in partnership with Forsys Metals Corp. ("Forsys") (TSX:FSY), is pleased to announce the full renewal of Exclusive Prospecting License 3195 ("EPL 3195") relating to the Ondundu Gold Project in Central Namibia, and the establishment of a partnership with a local, empowered Namibian corporation.
The Namibian Ministry of Mines and Energy granted the renewal of EPL 3195 for a period of two years, ending May 30th 2013. The license requires Forsys and Angus to incur development expenditures of Namibian $32,850,000, or approximately Canadian $ 4,670,000 during that period.
Angus has completed the expenditures required to earn an initial 50.1% stake in the Ondundu Property, and expects to exercise this option in the third quarter of 2011. Angus has the option to acquire an additional 24.9% interest in the project by incurring an additional C $6,000,000 in exploration expenditures by November 6th, 2012.
Angus and Forsys are also pleased to announce the formation of a local partnership with Minden Investments Ltd. ("Minden"), an empowered Namibian corporation. The partnership with Minden was formed to facilitate the direct participation of the Namibian community in the development process of the Ondundu Project, and to provide the Namibian community with a means by which to benefit directly from the project. Through the creation of a joint venture agreement, Minden has been granted an option to earn up to a 10% stake in the Ondundu Project.
Angus Mining (Namibia) Inc. is a Canadian based precious metals exploration company focused on developing the Ondundu Gold Project in West‐Central Namibia via a joint venture agreement with Forsys Metals Corp. The Company's goal is to deliver superior shareholder returns by identifying, acquiring and developing high quality assets in a safe and socially responsible manner. Angus Mining is committed to providing economic and social benefit to the Namibian community through the responsible development of mining assets in the Country.
Certain information set forth in this press release contains "forward-looking statements" and "forward-looking information" under applicable securities laws. Except for statements of historical fact, certain information contained herein constitutes forward-looking statements which include management's assessment of Angus' future plans and operations and are based on each company's current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. Some of the forward-looking statements may be identified by words such as "expects" "anticipates", "believes", "projects", "plans", and similar expressions. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Angus' actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Elgin and Angus undertake no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.