MOUNT PEARL, Newfoundland and Labrador, March 19, 2013 /PRNewswire/ -- KAT Gold Holdings Corp. (OTCQB: BVIG) www.katexploration.com
KAT Gold Holdings Corp, is pleased to announce that it has signed a Memorandum of Understanding with J. Kwarteng Mines Limited for the purpose of assessing and potentially mining the alluvial deposits at the J. Kwarteng Mines Ltd concession.
Gross proceeds from any mining operations will be split 85% in favour of Kat Gold Holdings and 15% J. Kwarteng Mines Limited.
The concession is located west of the Atewa Range, in the Kibi District, Eastern Region, and is one of the oldest gold producing areas in Ghana.
Ken Stead, CEO stated, "This concession has tremendous alluvial gold potential. Virtually all of the past gold mining activity in the region has focussed on alluvial gold occurrences surrounding the range, although vein gold deposits are also known in the area. We are now in the process of assessing all of the past artisanal mining operations on the property. If our assessments are favourable, we intend to implement alluvial mining operations at the site as soon as possible."
Along with the Ekom Eya mining concession Kat Gold Holdings is establishing a solid foundation in the gold industry and will now begin to seek working capital to bring these and other projects into full production.
A report on the Kwarteng Mines Kibi Area can be viewed from the following link.
This release includes forward-looking statements on our current expectations and projections about future events. In some cases forward-looking statements can be identified by terminology such as "may," "should," "potential," "continue," "expects," "anticipates," "intends," "plans," "believes," "estimates," and similar expressions. These statements are based upon current beliefs, expectations and assumptions and are subject to a number of risks and uncertainties, many of which are difficult to predict and include statements regarding our anticipated gold production, our expected growth and our ability to compete within the African gold mining industry. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from those reflected in our forward-looking statements include, among others, a failure of our new mine to produce the anticipated quantity of gold, our failure to obtain the necessary funding to conduct our anticipated operations, our ability to successfully integrate the new management and other factors described in our report on Form 10-K and any other filings with the SEC. The information in this release is provided only as of the date of this release, with no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.
SOURCE KAT Gold Holdings Corp.