SOURCE: NetMusic Entertainment Corporation

March 17, 2006 16:41 ET

NetMusic Goes Gold

SKIPPACK, PA -- (MARKET WIRE) -- March 17, 2006 -- In a special meeting of its Board of Directors, NetMusic Entertainment Corporation (OTC: NTMT) announced today that it is embarking on a new business strategy to take full advantage of recent opportunities presented to it.

CEO Perry Leopold explains, "The most difficult decision, both in life and in business, is the decision to abandon all that you have worked for, and to take an entirely new and different path. When presented with the facts of what resources the company had available to it, the inescapable conclusion was that the most difficult path was the one already committed to, and the most attractive alternative was the one least expected. The digital media space has evolved into a state of perfect monopolies, where marginal revenue equals marginal cost, and no one can reasonably make a profit without using the vehicle as a loss-leader for some other enterprise. Rather than pursue a failed strategy simply because it was expected of us, the Board of Directors has decided instead to completely change the focus of the company and to increase shareholder value by taking advantage of other more lucrative opportunities that hold the promise of vastly different profit margins."

Accordingly, NetMusic Entertainment Corporation today announces its intent to engage in the exploration, acquisition, development, and mining of precious metals and other mineral properties, and has signed of a letter of intent with Mr. Rick Kasum and Ox Financial to acquire a 100% interest in the Horseshoe, Patricia and High Grade Claims (the "Horseshoe Property") in the Stewart mining camp of British Columbia, Canada.

The Horseshoe Property is located about 12 kilometers south of the town of Stewart and consists of five contiguous staked claims composed of 52 units that cover approximately 1,400 hectares. To date, three zones of gold-silver mineralization have been identified within the claim area associated within strataform, siliceous sulphide-rich beds.

Almost all of the numerous gold and silver deposits in the Stewart area, including the Horseshoe property, are situated in Hazelton group strata, notably where the strata is in close contact with Jurassic granites. Examples of this deposit type include such prolific gold and silver producers as the Silbak Premier, Big Missouri, Dunwell, Porter Idaho, Indian and Lucky Seven mines. In addition, the gold mineralization within the Horseshoe Property occurs in a similar geological setting to the Silbak Premier mine which is located 32 kilometers to the north of the Horseshoe Property. The Silbak operated for almost 60 years producing 56,163 kg (1.8 million ounces) of gold and 1,274,691 kg (41 million ounces) of silver from ore that varied from quartz veins and vein stockworks to banded massive sulphide-rich mineralization.

While further assessment remains to be completed, historical records going back as far as the 1921 Annual Report of the Minister of Mines in British Columbia indicate that previous mining operations on the Horseshoe Property have ranged up to four ounces per ton of gold, and over 14 ounces per ton of silver.

Further details on the Horseshoe Property will be provided upon formal closing of the acquisition.

This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities and Exchange Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainties. Although NetMusic Entertainment Corporation believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any assumption could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion should not be regarded as a representation by NetMusic Entertainment Corporation or any other person that the objective and plans of NetMusic Entertainment Corporation will be achieved.

Contact Information

  • Contact:

    NetMusic Entertainment Corporation
    Perry Leopold
    (215) 661-1100 -- phone
    (215) 661-8959 -- fax
    ir@netmusic.com