Attached files
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| 8-K - MV Portfolios, Inc. | v211734_8k.htm |
Press
Release
CALIFORNIA GOLD
CORP.
4515
Ocean View Blvd., Suite 305
La
Cañada, CA 91011
CALIFORNIA
GOLD CORP. SIGNS PROPERTY OPTION AGREEMENT TO ACQUIRE UP TO AN EIGHTY PERCENT
INTEREST IN MEXIVADA’S AUROTELLURIO GOLD-TELLURIUM PROPERTY IN SONORA,
MEXICO
La
Cañada, California, February 15, 2011 -- California Gold Corp. (OTC BB: CLGL;
the “Company”) is pleased to announce it has signed a property option agreement
(the “Agreement”) with Mexivada Mining Corp. (“Mexivada”) to acquire up to an
80% interest in Mexivada’s La Viuda and La Viuda-1 concessions comprising its
AuroTellurio tellurium-gold-silver property south of the city of Moctezuma,
Sonora, Mexico.
The
Company can earn up to an 80% interest in the Mexivada property over a 48-month
period by making structured payments to Mexivada of cash and shares of the
Company’s restricted common stock. The Company will invest up to US$3,000,000 on
the exploration of the AuroTellurio project in four tranches of at least
US$750,000 per year.
The
AuroTellurio project is contiguous with a tellurium mining project now being
developed by a Mexican company that is believed to be controlled by First Solar
Inc., the world’s largest manufacturer of solar panels. These panels require the
tellurium rare metal in their manufacture.
James
Davidson, Chief Executive Officer of the Company, stated: "We are excited by the
opportunity to partner with Mexivada on the AuroTellurio project in Mexico, and
to earn up to an 80% interest in this strategic property. The Company intends to
commence a vigorous exploration and drilling program shortly. We
consider that California Gold Corp. is in the ‘hot spot’ to take advantage of
two major bull markets in commodities: rare metals and
gold/silver. This project has the potential to deliver in spades for
both sectors.”
In
addition to his duties as Chief Executive Officer of the Company, Mr. Davidson
is a co-founder and has been a long-time independent director of Anatolia
Minerals Development Ltd. (now being renamed Alacer Gold Corp. as the result of
a current merger), a Canadian public company whose common stock trades on the
Toronto Stock Exchange.
About California Gold
Corp.
California
Gold Corp. is an early stage U.S. public company pursuing a mineral exploration
strategy in the metals mining sector in the Americas, with an initial focus on
identifying and acquiring rare and precious metals mining opportunities for
development and production.
|
Contact:
|
California
Gold Corp.
|
George
Duggan
(818)542-6891
Forward-Looking
Statements
Certain
statements in this news release are forward-looking. All statements other than
statements of historical facts included in this news release including, without
limitation, statements preceded by, followed by or that otherwise include the
words “believes,” “expects,” “anticipates,” “intends,” “estimates,” “projects,”
“potential,” “target,” “goal,” “plans,” “objective,” “should” or similar
expressions or variations on such expressions are forward-looking statements.
The Company can give no assurances that the assumptions upon which the
forward-looking statements are based will prove to be
correct. Because forward-looking statements are subject to risks and
uncertainties, actual results may differ materially from those expressed or
implied by the forward-looking statements. There are a number of
risks, uncertainties and other important factors that could cause the Company’s
actual results to differ materially from the forward-looking statements
including, but not limited to, the Company’s ability to identify appropriate
corporate acquisition and/or joint venture opportunities in the rare and
precious metals mining sector, the Company’s ability to establish technical and
managerial infrastructure, the Company’s ability to raise the required capital
to take advantage of and successfully participate in any such opportunities, and
future economic conditions, political stability and rare and precious metal
prices The Company disclaims any obligations or undertaking to
publicly release any updates or revisions to any forward-looking statement
contained in this news release to reflect any change in its expectations with
regard thereto or any change in events, conditions or circumstances on which any
such statement is based.