Supatcha Resources (OTC Bulletin Board: SAEI.OB) Signs Definitive Agreement and Acquires Maiskoe Gold Mine
DENVER, Sept. 29 /(http://www.investorideas.com/ gold and mining stocks blog ) -- Supatcha Resources Inc. (OTC Bulletin Board: SAEI.OB) ("Supatcha" or the "Company") announces today it has signed a definitive agreement to acquire a 98% interest in the Maiskoe Gold licenses in Odessa Oblast, Savaransky District, Southern Ukraine.
Supatcha will pay the owners of the property a total of US$3,500,000 and will own 98% of the mine (including all of the capital equipment) and the mineral concessions. Supatcha has also agreed to invest a further US$2,800,000 in expanding the current operation over the next year. Prior to the acquisition, the Company already had several preliminary funding commitments based on the strong merits and history of the concessions.
The property was explored previously by a number of companies and previous drilling indicated geology finds that are favorable for a potential large Gold deposit. The initial drilling done in 1999 indicated gold mineralization in a number of drill holes. Further in 2001, a magnetic/electromagnetic geophysical airborne survey was also conducted over the property and identified several major mineralization areas of interest. Supatcha management has carefully procured significant relationships in the property area, over the last several years, to bring the necessary parties together to successfully continue the development of this high potential gold property and facility. Additionally, the property development plan completed on the Maiskoe as part of the due diligence process has recommended that a drill program for a total of 2000 meters be undertaken. Supatcha has committed to complete the recommended drill program and is currently in discussions to confirm equipment mobilization and drilling dates.
About Supatcha Resources Inc. (OTCBB: SAEI.OB)
Supatcha Resources Inc. is a gold exploration company focused on acquiring and developing mineral properties in Ukraine. Supatcha is in the final stages of acquiring two additional gold mining projects, with world-class potential, in southwestern Ukraine.
Notice Regarding Forward Looking Statements
This news release contains "forward-looking statements", as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration. We are not in control of metals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-KSB for the last reported fiscal year, our quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
SOURCE Supatcha Resources Inc.
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