SOURCE: Z3 Enterprises, Inc

Z3 Enterprises, Inc

January 13, 2011 09:45 ET

Z3 Enterprises Signs Letter of Intent to Acquire Gold Mining Concession in Ghana and Letter of Intent for Development of the Mining Concession

LAS VEGAS, NV--(Marketwire - January 13, 2011) - Z3 Enterprises, Inc. (OTCBB: BIBB) (PINKSHEETS: BIBB) announced today that it has signed a Letter of Intent with VI Investments, LLC to acquire a 25 acre gold mining concession in Ghana. Closing of the transaction is subject to execution of a definitive agreement, delivery of an appraisal and the transfer of title to the mining claim. The purchase price for the transfer of the mining claim will be the issuance of $12.5 million of Z3 Enterprises common stock. 

Z3 Enterprises also executed a letter of intent with VI Investments which contemplates that the parties enter into an agreement whereby VI Investments, at its own cost and expense, will be granted the right to explore, develop and mine the concession. Beginning no later than March 15, 2011, VI Enterprises will pay Z3 Enterprises $175,000 per month for 11 months ($2.1 million in total) following which, VI Investments will be entitled to all revenues generated from the mining concession. 

The company intends to move forward with its entertainment, health and wellness projects. The Company will use a portion of the funds received from VI Investments to fund these activities. A schedule of the company's projects will be listed on the company's new website set to launch the first week in February.

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Safe Harbor Statement: This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the company's current plans and expectations, as well as future results of operations and financial condition. A more extensive listing of risks and factors that may affect the company's business prospects and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the company with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact Information

  • Company Contact:
    Ross Giles
    Tel: 702.508.9255
    email: Email Contact