TORONTO, ON--(Marketwired - Apr 22, 2014) - Converge Global, Inc. ("The Company") (OTC Pink: CVRG) (PINKSHEETS: CVRG) announced today reports by its subsidiary, Closed Joint-Stock Company (CJSC) "Sintek", Inc. ("Sintek").
Sintek reported 2013 revenue for the Siberia Gold Project in excess of $1,300,000 for schlich gold and $1,700,000 for chemically pure gold. With the addition of new equipment, trucks and additional specialists, Sintek anticipates increased efficiency and higher production levels for the Siberia Gold Project in 2014.
Oleg Kiselev, Chief Operating Officer stated, "After our successful 2013 mining season, we received terms from our local Russian Geoplan office to deliver a minimum of 250 kg (8,800 ounces) of gold, approximately $11 Million at current prices, during the 2014 mining season." Mr. Kiselev further stated, "We are confident Sintek will achieve this level of gold production at the Siberia Gold Project. Having had an unusually warm winter, our mining season has already begun."
Sintek also reported it is currently reviewing proposals with Grant Ltd. for the acquisition and licensing of facilities subsoil for the following two producing properties in the Republic of Sakha (Yakutia):
1. Mine "Duet" Ltd. with lode gold in Ust-Maya District of Sakha (Yakutia) In 2012, Duet produced 385 kg gold and in 2013, it produced 417 kg gold for Russian Geoplan terms of 301 kg. Duet's probable and proven gold reserves and resources total 7 tons. Licence expires 2020.
2. Mine "Drazhnik" Ltd. with placer gold in Ust-Maya District of Sakha (Yakutia) In 2012, Drazhnik produced 528 kg gold and in 2013, it produced 496 kg gold for Russian Geoplan terms of 389 kg. Drazhnik's probable and proven gold reserves and resources total 4 tons. Licence expires 2020.
In 2013, the combined production of the Duet and Drazhnik mines totaled 913 kg of gold, approximately $43 Million. Upon completion of initial satisfactory due diligence, the Company plans to formalize a Letter of Intent to acquire the Duet and Drazhnik mines.
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Converge Global, Inc. with members of its management team as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.