SOURCE: WMAC Holdings Corporation

May 08, 2014 09:45 ET

WMAC Holdings Acquires 3,000 Hectares of Gold Mining Concession Under Share Swap Deal

NEW YORK, NY--(Marketwired - May 8, 2014) - WMAC Holdings Corporation (PINKSHEETS: WMAC) and Golden Mark International, Inc. (a Philippine Corporation) have jointly announced that a Deed of Absolute Transfer covering a 3,000-hectare Gold Mining Concession, which was signed by the Parties on January 31, 2014, has been filed with the regulatory bodies of the Philippines successfully transferring to WMAC Holdings the Golden Mark's 3,000 hectares mining stake in the Gold, Copper, Silver, Zinc, Nickel and Iron mines situated in Zamboanga Peninsula, Philippines.

The Philippines is rated as the third largest gold- producing country in the world.

Golden Mark is the irrevocable Attorney-in-Fact of the Indigenous Peoples, who owns the ancestral land covering 25,000 hectares of mining concession in the area.

As a result of the acquisition, Golden Mark will have a 62% in the common stock of WMAC, resulting in the issuance of 310,000,000 million shares in exchange for the 3,000-hectare gold-laden mining concession, thus making Golden Mark the majority shareholders of WMAC. The share valuation was based upon management's due diligence related to the mine and the area, the review of numerous documents and data from assay reports of the Mines & Geosciences Bureau (Philippines) and drilling reports in the concession area, and documentation from Golden Mark, as well as what management considered the prevailing acquisition price of a proven gold mining site in the Philippines of $450-Million per 1,000 hectares.

WMAC had also elected Eduardo Apari as its President, CEO and CFO, while Manuel Castaneda was elected as its Chairman. Company officials' respectively Mr. Rene Esteban and Mr. Angel Gonzalez resigned from their official post effective January 31, 2014 while former CEO of WMAC Mr. Ronald Sianghio will still be the presiding officer of the Waste Management division. Mr. Jorge Reyes will continue to be the Director of the Communications for the company.

Contact Information

  • Contact:

    Jorge Reyes
    Director of Communications
    WMAC Holdings Corp
    Email Contact