WILMINGTON, Del., Dec. 13, 2012 /PRNewswire/ -- Auric Mining Corp. (OTC: AUMY) today announced that it has signed a Memorandum of Understanding with Vietnam-based Anh Thang Mining Corp. to jointly mine and excavate some of the largest, active iron ore and steel mining properties in Northern Vietnam.
Established in the early 80's, Anh Thang Mining Corp., the cradle of the metallurgical industry of Vietnam, is one of the first to mine unique metallurgical zone in Vietnam with an integrated production line from exploiting iron ore to making cast iron, steel billet and rolling steel.
For almost 20 years of operation and development, Anh Thang Mining Corp. has been nonstop growing in production strengths. With the rolling steel capacity currently of over 10,000 tons per year and turnover revenues of $50Mil. USD in 2011, Anh Thang has large product distribution network including 3 branches in Hanoi, Quang Ninh and Thanh Hoa provinces.
Auric will utilize its resources, equipment and contract labor personnel to provide infrastructure support to Anh Thang project initiatives in Quang Ninh and Thanh Hoa provinces. The Joint Venture is for three years with an option to renew for another two years. In return, Anh Thang will allow Auric Mining a ten percent ownership in its mines once production volume has reached an agreed upon milestone.
"We're delighted and honor to welcome Auric Mining to our network alliances. With a strong foothold and access to US capital market, Auric will definitely be an asset to our future and ongoing mining projects," comments Marcus Nguyen, Anh Thang's Director of Operations.
Additionally, Auric's management has considered a share buy back program of up to one billion shares to reduce the current float and outstanding. This strategic move will allow the Company to lower its liabilities in anticipation of the return to positive EPS in 2013 and beyond.
About Auric Mining Company
Auric Mining Company is as an investment and management company involved in mining and natural resources projects. The company focuses its resources by investing in on-going projects to establish immediate cash-flow for the company and to provide profitability for its shareholders. The company is currently focused on developing its properties in the Wawa area of the Sault Ste. Marie Mining District in Ontario. In addition to its prolific history for gold mining, Wawa has shown promising signs of concentrated kimberlite indicators, a favorable geological formation for diamond exploration. The company has a number of claims strategically located in this historic mining district. For more information on the company, please go to www.auricminingcorp.com.
This release contains forward-looking statements within the meaning of Section 27a of the Securities Act of 1933, as amended and section 21e of the Securities and Exchange Act of 1934, as amended. Those statements include the intent, belief or current expectations of the company and its management team. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Accomplishing the strategy described herein is significantly dependent upon numerous factors, many that are not in management's control. Some of these factors include the ability of the company to raise sufficient capital, attract qualified management, attract new customers and effectively compete against similar companies.
SOURCE Auric Mining Corp.