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| 8-K - GOLD HILLS MINING, LTD. | v205704_8k.htm |
Ardent
Mines Announces Agreement for Gold Exploration and Exploitation in
Tanzania
Dec. 14,
2010 (PR Newswire) --
NEW YORK,
Dec. 14, 2010 /PRNewswire/ -- Ardent Mines Limited ("Ardent" – OTC Bulletin
Board: ADNT) announces signing of definitive agreement for exploration and
exploitation of promising gold property in Tanzania. The property in Tanzania
shows indicative potential for 500,000 to 1,000,000 ounces of gold mineral
reserves, including high grade areas.
The
agreement was signed with Afrocan Resources Ltd., a Canadian company that owns
Capri General Trading Company Ltd., which in turn controls the mineral rights on
a highly promising, licensed Gold property in Tanzania (the "Shenda License").
The transaction would provide Ardent with 100% of Capri and the mineral rights
on a property of approximately 10 square kilometers situated approximately 53
kilometers West North West of Kahama in the Bukombe District, in the Shinyanga
Region of Tanzania.
"Shenda
was prospected in the past by Anglo Gold Exploration, Ltd. and subsequently by
Barrick Exploration Africa, Ltd.," explained Brian Barret, CFO of Afrocan
Resources. "Approximately 2,000 meters of drilling were completed, and
significant additional geological work has been done in the property, which
includes areas of very high tenor, in some cases exceeding 60 grams per ton,"
added Barrett. "Anglo and Barrick did not pursue the project at a time when gold
prices were low, on the premise that the estimated reserve was only of 500,000
to 1 MM ounces of gold, smaller than the normal standard required by a major
mining company to organize a significant operation. But under current market
circumstances, Shenda is a very attractive property, and we are delighted to
have reached an agreement with Ardent Mines in order to complete the exploration
work, and subsequently develop Shenda."
"Our
agreement with Afrocan Resources is a two-phase arrangement," stated Leonardo
Riera, President and CEO of Ardent Mines. "In a first phase Ardent will conduct
further exploration in the property, and will determine the areas of higher
potential in order to build a solid mining plan. The previous work conducted in
the property by major companies, areas of high gold concentration within Shenda,
all tied to current high prices for gold, and increasing gold production
activity in Tanzania indicate particularly attractive attributes regarding this
property. The second phase of our arrangement in Tanzania will focus on
implementation of the mining plan and exploitation of gold mineral reserves
which may be found to be commercially viable."
In other
company news, Riera mentioned that the due diligence on Rio San Pedro Mineracao
in Brazil continues and that progress on that large and complex transaction is
expected to follow on through the first two months of 2011. "In any event,
Ardent will continue to pursue the other projects we have been evaluating,
including Shenda in Tanzania, two other prospects in Brazil, and a highly
attractive transaction in Peru. We intend to continue working even during
the holidays in some of these negotiations, and we will inform the markets in a
timely manner regarding the status and progress of these matters," concluded Mr.
Riera.
About
Ardent Mines Limited:
Ardent is
positioning itself to develop mining operations throughout the world.
Ardent is an exploration stage company, and is presently researching and
negotiating acquisitions, acquiring financing and assembling staff.
Forward-Looking
Statements
This
press release contains "forward-looking statements" as defined in the U.S.
Private Securities Litigation Reform Act of 1995. These statements are based
upon our current expectations and speak only as of the date hereof. These
forward-looking statements are based upon currently available competitive,
financial, and economic data and management's views and assumptions regarding
future events. Such forward-looking statements are inherently uncertain. Our
actual results may differ materially from those expressed in any forward-looking
statements as a result of various factors and uncertainties. Ardent cannot
provide assurances that any prospective matters described in the press release
will be successfully completed or that Ardent will realize the anticipated
benefits of any transactions. Various risk factors that may affect our business,
results of operations and financial condition are detailed from time to time in
the Current Reports on Form 8-K and other filings made by Ardent with the U.S.
Securities & Exchange Commission. Ardent undertakes no obligation to update
information contained in this release.
SOURCE
Ardent Mines Limited
Source:
PR Newswire (December 14, 2010 - 9:15 AM EST)
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