ST. LOUIS, MO--(Marketwire - July 7, 2010) - Cristol Enterprises, LLC of St. Louis, Missouri has entered into an agreement with Remington Financial of Scottsdale, Arizona for the placement of approximately $14.0 Million in equity capital funding that will enable the company to develop mining projects in the U.S. and Liberia. Based on the recent due diligence report provided by Remington Financial, the preliminary prospectus states a 167% annualized return on investment over the respective projects' estimated lifespan of 10 - 15 years.
According to Remington Financial Group, investor interest, which has been overwhelming in Cristol Enterprises, LLC, has developed a global portfolio of potentially lucrative gold mining projects. Cristol Enterprises, LLC is awaiting Remington to provide the company with a binding letter of commitment.
Cristol Enterprises, LLC will utilize this round of funding to develop certain projects, including continued exploration and drilling campaigns for the Bernard Project, a gold, uranium and manganese project located in La Paz County, Arizona. In July 2009, Cristol Enterprises, LLC announced a $4.7 million joint venture agreement with AUS American Mining's (formerly Monaro Mining) wholly owned subsidiary, Uranium Company of Arizona LLC, to develop the Bernard Project.
"The results of our initial drilling phases for the Bernard Project have proven very successful," says Cristol Managing Director Cris Cristea. "Working with our joint venture partner, AUS American Mining, we are preparing for another round of core drilling and expect to further prove the presence of economically significant gold reserves."
To date, the project has produced Au values up to 1.3 ounce per ton (opt), with an average value of 0.2 opt, and core samples recently submitted to ALS Laboratory Group in Reno, Nevada contained visible gold. The next round of drilling is designed to further delineate the ore body and refine the estimate of gold reserves. Exploratory drilling will also be utilized to further investigate areas that displayed significant potential during a recently completed seismic profile and magnetic survey. "We are really on to something," says Cristea.
"Bernard exhibits all of the tell tale signs of a world-class gold discovery, and we are fully committed to go the distance in proving this."
Founded in 2009 by Cris Cristea and Corey Tolle, Cristol Enterprises, LLC is a Nevada, USA based exploration company specializing in the discovery and development of domestic and international mineral projects exhibiting significant potential. It is a company closely associated with Arlan River LLC, whose team of experienced executives established its mining industry reputation through the exploration and development of 36,000 acres in Southwest Utah. Messrs. Cristea and Tolle have worked with industry leaders and veteran geologists on the Arlan River site, which is positioned to become a world-class copper discovery. Cristol Enterprises, LLC is led by a team of executives with expertise in operations, metallurgy, geology, strategic planning, technology and investment sourcing and is a company "dedicated to exploring resources to enhance the lives of many through the innovation of mineral discoveries."
Remington Financial Group, Inc. was founded in 1993 and has access to hundreds of capital sources in the firm's global network, with billions readily available for various transactions. Since the company's inception, Remington Financial Group, Inc. has provided access to commercial financing and international project financing in a variety of markets, with a track record that exceeds over $5 billion in closed transactions.
AUS American Mining, Monaro Mining NL, is an Australian-based international exploration and pre-development company focusing on uranium and gold. Its major assets include tenements in the USA. AUS American Mining's objective is to be a producer in the medium term through the development of its advanced projects in the USA. AUS American Mining shares are listed on the Australian Securities Exchange and the Frankfurt Stock Exchange and ADSs are eligible for OTC trading in the USA.