SILVERDALE, Wash., March 11, 2013 /PRNewswire/ -- CGrowth Capital, Inc. (OTCPK: CGRA) today announced that it has updated its joint venture agreement with Cedar Canyon Mining Corp which resulted in the execution of an agreement between the parties. The agreement calls for operations to begin to process and ship approximately 170,000 tons of ore material.
Cedar Canyon Mining Corp will process ore bodies from mining claims in Eastern Washington State. CGrowth Capital owns the rights to the mining claims, and all permits necessary are already in place to precipitate the excavating and processing of ore. The ore will be efficiently prepared for shipping to a smelting facility. The area of the mine site where initial operations will begin is well known for its natural resources and historical operations.
Early test reports on the property in Eastern Washington State indicate that gold, silver, and other high value metals are present. It is estimated that approximately 500,000 tons of surface ore materials are available for removal and processing in the immediate area, in addition to the subterranean material that the company plans to excavate and process in the future.
Bill Wright, CEO of CGrowth Capital, Inc. said, "There are a lot of moving parts to developing and processing a mine site. We have spent a great deal of time putting all the pieces in place and are excited about starting production. Our immediate goals include increasing the physical assets on our balance sheet to include land, equipment, and reserves. Our management team and stakeholders are excited about the generation of quick revenues and cash-flow from the surface ore as well as the long-term potential of the Eastern Washington mining claims and our partnership with Cedar Canyon Mining."
Mr. Wright continued, "A majority of the equipment needed for the processing is already in place with additional equipment to be acquired shortly. As operations progress we will seek to add the required staffing and additional equipment as production dictates."
CGrowth Capital is also giving away silver! In recent months, the Company has been announcing an upcoming drawing for a free ounce of silver to a person each quarter that has registered on the website to become part of the Company's mailing list. The first give away is to take place on March 31, 2013. Hurry up and register under the Investor section of the Company's web site, http://www.CGrowthCapital.com, for a chance to win!
Visit CGrowth Capital, Inc. at http://www.CGrowthCapital.com
Visit Cedar Canyon Mining Corp. at http://www.CedarCanyonMining.com
About CGrowth Capital, Inc.:
CGrowth Capital, Inc. serves as a holding company for businesses and assets focused on all aspects of mining. The processing of metal ore mining is a multi-billion dollar market opportunity which is capitalized through processing, sales, contracting and licensing of assets. CGrowth Capital's services and solutions are designed to assist land owners with monetizing undervalued assets by bringing commodities such as gold and silver to market. CGrowth Capital will focus on acquiring or "claiming" land assets, while also providing partners and affiliates with management services, capital, contract management and logistical services necessary for the successful execution of mining operations.
CGrowth Capital, Inc.
Statements about the Company's future expectations and all other statements in this press release other than historical facts, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. The above information contains information relating to the Company that is based on the beliefs of the Company and/or its management as well as assumptions made by and information currently available to the Company or its management. When used in this document, the words "anticipate," "estimate," "expect," "intend," "plans," "projects," and similar expressions, as they relate to the Company or its management, are intended to identify forward-looking statements. Such statements reflect the current view of the Company regarding future events and are subject to certain risks, uncertainties and assumptions, including the risks and uncertainties noted. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove to be incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, intended or projected. In each instance, forward-looking information should be considered in light of the accompanying meaningful cautionary statements herein. Factors that could cause results to differ include, but are not limited to, successful performance of internal plans, the impact of competitive services and pricing and general economic risks and uncertainties. The Company disclaims any obligation to update or revise any forward-looking statements.
SOURCE CGrowth Capital, Inc.