BRISBANE, Australia, April 16, 2013 /PRNewswire/ -- ARX Gold Corp. (OTCBB: DUCP) ("ARX " or the "Company"), a gold mining exploration company, is pleased to provide an update on various corporate initiatives undertaken by the company's management.
Name Change to ARX Gold Corp
ARX Gold Corp. has filed required documentation with the State of Nevada to complete its name change from Daulton Capital Corp. to ARX Gold Corp. to better reflect its focus on its gold mining and exploration efforts, and has begun its SEC filings using its new corporate name of ARX Gold Corp.
Costa Rica Gold Project
In December, 2012, the Company announced an agreement to acquire a stake in the Chassoul Gold Mine in Costa Rica. Subsequently, the company has been conducting due diligence while negotiating financing to allow the company to complete the transaction. Due to delays of the other party, the previous agreement had expired, though the company holds open the possibility that the other party may complete the transaction as envisaged in the original agreement, or to allow ARX Gold to purchase a majority stake in the Costa Rica Gold project directly. While all options are being pursued, there can be no assurance that the transaction will be concluded.
ARX Gold Springs Project:
The ARX Springs Gold property is located at Coonambula near Eidsvold in Queensland, Australia, and has gold resources estimated at between 16,000,000 to 18,000,000 (Sixteen to Eighteen Million) ounces of gold and estimated to generated a cash flow of $22 billion over the planned 20 year life of the mine based on current gold prices. Queensland, Australia is well known to be a prolific gold producing State since the 1867 Australian gold rush, several major gold producing companies including BHP, Glencore Xstrata, Rio Tinto, Barrick Gold and Anglo American have been active in the State of Queensland and the area where the ARX Springs gold project is located has an extensive history of gold finds going back to early 1888 in the nearby St Johns Creek gold fields.
ARX Gold Corp continues to work diligently on its funding efforts with Mumbai based Khandwala Securities. In Fact, representatives from Khandwala Securities are currently touring the ARX Springs site over the last few days in preparation for anticipated financing. Khandwala Securities is a Mumbai based Investment bank listed on the Mumbai Stock Exchange, which has successfully raised capital for its clients for over 70 years. www.kslindia.com.
About ARX Gold Corp
ARX GOLD CORP. (OTCBB: DUCP) is a natural resource company focused on gold and precious metals. The New Management's corporate philosophy is to be a Share Holder Value creator, with the objective of exploring, acquiring and operating Gold projects in Australia and other countries to generate real value beginning with ARX Springs Gold Project in Queensland, Australia. www.arxgold.net
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the company's current plans and expectations, as well as future results of operations and financial condition. A more extensive listing of risks and factors that may affect the company's business prospects and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the company with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Chief Executive Officer,
ARX Gold Corp.
E: [email protected]
SOURCE ARX Gold Corp.