SILVERDALE, Wash., March 6, 2013 /PRNewswire/ -- CGrowth Capital, Inc. (Pink Sheets: CGRA) (the "Company"), is pleased to announce the execution of a Letter of Intent ("LOI") with Kirida Resources, Inc. ("Kirida") of British Columbia, Canada. The agreement outlines the development of Kirida's Cameroon Gold and Diamond permit in West Africa. The Company expects to move quickly to a definitive agreement.
The objective of the LOI was to define the rolls of the parties and set a timetable for the execution of a definitive agreement, initial funding of the project, and both operational and reporting responsibilities on the project. The Cameroon Gold and Diamond project consists of concessions in the Kette-Bindiba region, located in the Eastern portion of Cameroon. The concessions have been permitted for exploration, development, production, marketing, sales and export for gold and diamonds.
"We are pleased with the progress we are making with the Kirida Resources team," said Bill Wright, CEO of CGrowth Capital, Inc. "We have been impressed by their attention to detail. We are looking forward to moving quickly to a definitive agreement and advancing both the project and our relationship with Kirida."
The Company has performed a review of the Kirida site assessment which includes an in-depth geological study, field surveys, soil analysis, and sample campaign. From this exploration campaign, the area has been divided into two key regions: a) the Northern Bindiba region has 19 known Au (gold) occurrences and 1 diamond occurrence and b) the Central Kette region has 12 known Au and 4 diamond occurrences. These targets contain both alluvial and primary rock gold and diamond deposits.
The Company and Kirida are preparing an expanded Site Assessment and Sampling Programme ("SASP") to confirm grades discovered to date and further define resource size and tonnage. This will be done as part of the process to complete a NI43-101 report. This report will provide vital information which will result in the implementation of a Test Plant facility to commence initial gold and diamond recovery and production.
Marke McNichol, CEO of Kirida Resources, Inc. commented, "We are excited by the prospect of working with CGrowth Capital to advance our Cameroon gold and diamond property into production. Hosting world-class mineral deposits, we are focused on West Africa and are currently reviewing additional mineral properties. The Cameroon gold and diamond project has solid project milestones and with the soon-expected completion of the joint venture with CGrowth Capital, it will provide solid and long-term shareholder value and growth to both organizations."
For more information about CGrowth Capital, visit their website: http://www.CGrowthCapital.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.
About Kirida Resources, Inc.:
As a good corporate citizen, Kirida Resources, Inc. respects the dignity and human rights of individuals and communities everywhere they operate. A good corporate citizen is, by definition, a good employer. We universally support fair labour practices and promote workplace safety and equality in our operations. We strive to make a lasting contribution to the well-being of these communities while generating strong investor returns.
Kirida Resources is extremely proud of our new Cameroon Gold & Diamond property. Kirida's technical team is currently reviewing additional potential acquisitions and the relevant geological data compiled by both the mineral property owners as well as certified independent reports.
For more information about Kirida Resources, Inc., please visit their website: http://www.kiridaresources.com/
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.