Gold Streaming Agreement -- Intertech Solutions Provides Details on First Gold Project in Arizona
SCOTTSDALE, Arizona, March 26, 2014 /PRNewswire/ --
Intertech Solutions Inc. (OTCPK: ITEC) ("Intertech Solutions Inc.," "ITEC" or the "Company") - The Company is very pleased to announce its first gold streaming agreement with West Port Gold. The agreement acquires the WPE #1 & #2 Claims located in the Middlecamp Mining District in La Paz County, near Quartzite Arizona. The placer gold claims cover a total of 40 acres and have easy access between Phoenix and Palm Springs, CA along Interstate 10. Both claims have been professionally surveyed and recorded with La Paz County and the Bureau of Land Management.
The duration of this agreement is for ten years or to continue for the economic life of the mine. ITEC will provide up to $3 Million USD in order to bring the mine capacity to process 1,000 tons of gold bearing material per day. ITEC will receive 75% of net revenue until payback of the original investment and then 25% of all net revenue until the resource is fully depleted. Revenue projections are derived from management's conservative assumptions of processing 1,000 tons per day with an average grade of 2 grams per ton while 300 operating days per year at $1,250 per ounce gold, less operating costs. Based upon these estimates ITEC expects to net $4.5 Million annually alone from this single gold streaming agreement.
The WPE Claims #1 & #2 are in a prolific historical gold producing region located 7 miles south of the Copperstone gold mine when in 1987 and 1993 Cyprus Gold profitably open pit mined over 500,000 ounces of gold. American Bonanza Corporation has just re-opened the Copperstone Mine for its lode gold reserves. Former historic lode gold producers as the Darling and Dome Basin Mines, which operated between 1900 and 1930, are present as well as numerous turn of the century rudimentary gold mining operations which are allocated immediately south of the WPE #1 & #2 Claims.
Intertech Company President, David Naylor, states: "The Company has secured an important first project that we expect to put into production beginning in October of this year. This project has the potential to produce a solid revenue stream for the next fifteen years and beyond. Due to the probable tons of gold resource on the WPE #1 & #2 Claims, we believe ITEC may very well be on the verge of developing one of the most significant placer gold operations in the continental US this decade. We invite shareholders and interested parties to visit http://www.itecgold.com where a detailed report, financial projections, and other important information on the WPE Project can be found."
About Intertech Solutions Inc. (OTCPK: ITEC)
Intertech Solutions is a fully integrated, gold project finance, management and services consulting Company that provides development capital, engineering, project supervision and technical management to gold projects. The Company operates from its offices in Scottsdale, Arizona. Visit us at: http://www.itecgold.com
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. Such forward-looking statements include, among other things, scope and type of consulting services provided by ITEC, use of proceeds, future acquisitions, success of projects, growth and strategic plans. 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 petroleum exploration and development stage exploration companies. 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-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
ON BEHALF OF THE BOARD
Intertech Solutions Inc.
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To find out more about Intertech Solutions Inc. (OTCPK: ITEC), visit our website at http://www.itecgold.com
SOURCE Intertech Solutions Inc.