DAYTON, Nev., March 9, 2016 /PRNewswire/ -- The director and management of Van Gold Resources (PINKSHEETS:VGRI) are pleased to provide an update on the Company's interests in Africa where Van Gold Resources currently has nearly a 100% concession interest in Cabinda's future contingent oil and mineral production obtained from the Front for the Liberation of the State of Cabinda (FLEC). Experts predict that Cabinda's recoverable onshore hydrocarbons alone exceed 2 billion barrels.
Van Gold Resources also has obtained negotiation rights to oil, mineral, forestry and agriculture concession in the emerging nations of Biafra and Southern Cameroons (Ambazonia). According to a Competent Person's report available at the Company's website, the current value of these contingent rights could be as high as $150 million.
Biafra and Southern Cameroons have recently been in the headlines as self-determination movements attempt to assert control over these resource rich regions in West Africa.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "will" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Corporation's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Corporation. The forward-looking information contained in this release is made as of the date hereof and the Corporation is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein. U.S. GAAP, ASC 450-20 defines a contingency as an "existing condition, situation, or set of circumstances involving uncertainty as to possible gain (gain contingency) or loss (loss contingency) to an entity that will ultimately be resolved when one or more future events occur or fail to occur."
SOURCE Van Gold Resources