The reprint of the text of the Stabroek article appears below. The actual article can be accessed by clicking here.
GGMC unaware of North Springs Resources doing business here
Saturday, January 7, 2012: The Ministry of Natural Resources and the Environment says the Guyana Geology and Mines Commission (GGMC) is not aware of a company called North Springs Resources Corporation (NSRC) doing business in Guyana with respect to mining or mineral properties.
“North Springs Resources Corporation has not contacted nor informed the Guyana Geology and Mines Commission of any joint-venture of any Letter of Intent with any Mining Company or Mineral tenure in Guyana,” the ministry said in a statement this evening in responding to an article on the Market Watch website in which NSRC claimed it has “reached an agreement in principle to acquire a 100% interest in two prospecting licenses in the prolific gold producing region known as the Kabouri Gold Mining Area in the country of Guyana.”
The ministry said the GGMC is not aware of the company doing business here.
In the Market Watch article, NSRC said it is currently completing its final project due diligence and negotiating the definitive terms of the potential acquisition. A definitive agreement is expected to be reached and executed within 48 hours, it said.
According to the article, the “Kabouri Project Area Licence R-20″ and “Kabouri Project Area Licence R-21″ cover a combined area of over 25,000 acres of prime greenstone belt located about 160 km south-south west of Georgetown. “The properties share similar geological and geochemical characteristics with several well-known gold producing mines in the immediate area at Omai, Kabouri, Eldorado, and Hicks,” the article said.
“This is a fantastic opportunity for North Springs to acquire two very large properties right in the middle of one of the most important gold producing regions in the world. The location of the properties, their geologic setting, and their history of artisanal mining all combine to give this project huge potential upside with relatively low early stage risk,” Harry Lappa, President of North Springs Resources was quoted as saying.Back to main page
The article stated that the proposed transaction remains subject to, among other things, North Springs and the vendors entering into a definitive agreement and completion of satisfactory due diligence by both parties.
NSRC said it is focused on the evaluation, acquisition, exploration, and development of mineral resource properties and currently, the company is in the evaluation and acquisition phase of operations. The company is led by a skilled and experienced management team and independent consulting geologists with many years of experience, the article stated.