NEW YORK, July 12, 2016 /PRNewswire/ --
Onassis Mining Group , Inc. (OTC: ONSS) (the "Company), is pleased to announce that a subsidiary of the Company is in advanced negotiations to purchase a gold processing plant in Ecuador.
The Company's subsidiary, Piedra De Oro, holds mining rights in Ecuador. The intention of this purchase is to generate cash flow and revenues from a plant that is capable of exploiting and refining gold from gold ore. The plant under consideration has a processing capacity of 100 tons of ore per day, which can be increased to 500 tons per day with licensing.
The acquisition is in the due diligence stage and is checking all legal aspects related to the deal.
Gold prices have risen steadily by 30% since January 2016. The recent Brexit referendum has brought about even further gains in prices this month. Analysts say that gold is the "best-performing commodity so far this year," (SNL Metals & Mining). The post-Brexit economic uncertainty worldwide has been the driving force to this growth, creating more revenue growth opportunities for gold processing facilities.
About Onassis Mining Group, Inc.
Onassis Mining Group, Inc. (Symbol "ONSS" ) is a New York based mineral exploration and development company focused on gold exploration, mining and processing in South America. Onassis owns 100% of PIEDRA DE ORO S.A, an Ecuadorian mining company, which holds mining rights in the Muluncay Concession lying within a major historic gold-silver producing district known as the Portovelo-Zaruma-Ayapamba district in Ecuador.
This press release contains forward-looking statements that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934. Readers are cautioned that actual results could differ materially from those expressed in any forward-looking statements. No assurance is given that the acquisition will be completed or if completed, will be profitable. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. The Company undertakes no obligation to update or revise any forward-looking statements for any reason.
Safe Harbor Statement
There can be no assurance that a definitive agreement with any party will be executed on acceptable terms or at all. Additionally, even assuming acceptable terms are reached, there can be no assurance that the required conditions of such transactions would be met.
This press release may include certain statements that are not descriptions of historical facts, but are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. These forward looking statements may include the description of our plans and objectives for future operations, assumptions underlying such plans and objectives and other forward looking terminology such as "may," "expects," "believes," "anticipates," "intends," "projects," or similar terms, variations of such terms or the negative of such terms. Such information is based upon various assumptions made by, and expectations of, our management that were reasonable when made but may prove to be incorrect. All of such assumptions are inherently subject to significant economic and competitive uncertainties and contingencies beyond our control and upon assumptions with respect to the future business decisions which are subject to change. A number of factors could cause our actual results to differ from anticipated results expressed in such forward-looking statements. Such factors are addressed in our filings with the Securities and Exchange Commission (available at http://www.sec.gov ). Accordingly, there can be no assurance that actual results will meet expectations and actual results may vary (perhaps materially) from certain of the results anticipated herein. We assume no obligation to update any forward-looking statements.
SOURCE Onassis Mining Group, Inc