VHGI Holdings, Inc. Announces Extension of Certain Provisions of Sun Gold Purchase Agreement
FT. WORTH, Texas, Aug. 3, 2011 /PRNewswire/ -- VHGI Holdings, Inc. (OTC Bulletin Board: VHGI.QB) and VHGI Gold, LLC, its wholly-owned operating subsidiary, announced today that they have amended their original purchase agreement with Western Sierra Mining Corporations (WSRM) to extend the original 30 day period to finish its feasibility study, operations planning and providing minimum funding for the mining operations for the Sun Gold Project between Prescott and Mayer, AZ. U.S.A. acquired by VHGI Gold, until February 13, 2012.
"The original agreement executed on June 8, 2010 includes a royalty to WSRM and stipulations as to investments and time," said Mr. Eric Leonetti, Vice President / COO; VHGI Gold. Mr. Leonetti went on to say, "Since the execution of this Agreement, we have obtained an additional 24 leases to this project. This additional time should enable us to complete the fund raising process, further our exploration of the total claim area and develop a final mining operation plan."
Within this time period VHGI Gold plans to broaden its exploration of this almost 500 acre project to include further ground sampling, geochemical testing and drilling.
About VHGI and VHGI Gold
VHGI is a diverse company with assets and interests focusing on opportunities within the Healthcare Technology Industry and Precious Metals Markets. VHGI Gold, a wholly owned subsidiary of VHGI has recently initiated steps to leverage the company's operating history and corporate resources within the Gold Mining Industry and intends to pursue these opportunities through Lease-Purchase opportunities, Acquisitions and Joint Ventures.
"Safe Harbor" Statement:
The statements in the press release that relate to the company's expectations with regard to the future impact on the company's results from new products in development and any other statements not constituting historical facts are "forward-looking statements," within the meaning of and subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. Since this information may contain statements that involve risk and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results. This document may contain forward-looking statements concerning the Company's operations, current and future performance and financial condition. These items involve risks, contingencies and uncertainties such as product demand, market and customer acceptance, the effect of economic conditions, competition, pricing, the ability to consummate and integrate acquisitions, and other risks, contingencies and uncertainties detailed in the Company's SEC filings, which could cause the company's actual operating results, performance or business plans or prospects to differ materially from those expressed in, or implied by these statements. The Company undertakes no obligation to revise any of these statements to reflect the future circumstances or the occurrence of unanticipated events.
SOURCE VHGI Holdings, Inc.