WILMINGTON, Del., April 24, 2012 /PRNewswire/ -- Auric Mining Company (OTC: AUMY) announced today that, based on its previously announced Financial Guarantee commitment, its Acquisition Initiative has significantly advanced and the Company is in the financial negotiation stage on various gold mining properties that would add in excess of $100,000,000 in potential revenues.
The Company previously announced Financial Guarantee affords the Company the flexibility to utilize it for multiple purposes, including financial backing for its planned acquisitions and surety underwriting for its mining operations. The financial guarantee is provided by its Investment Banker partners.
The Company expects that the confidentiality restrictions currently in place with the targeted acquisitions and/or partnerships will be lifted as the due diligence process is completed and will then be in a position to announce completion of specific acquisitions and/or partnerships that are currently in progress.
The Company had recently announced that, based on the respected precious metal reports that set gold price targets at $2,000 by 2013, it had substantially increased its revenue projections for its gold producing projects currently under development. Additionally, the Company has announced that it will be focusing increased resources at its acquisition and partnership initiatives. The Financial Guarantee commitment permits the Company to ramp-up its gold mine acquisition initiatives.
In anticipation of new growth opportunities and as a loyalty benefit to all shareholders, the Board of AUMY has recently announced that it has voted to pay all shareholders on record a 3% stock dividend. 3 new Auric Mining shares will be issued for every 100 owned.
The Company will continue to provide regular updates regarding progress and developments of its new business model.
About Auric Mining Co.
Auric Mining is an investment and management enterprise that acquires and operates profitable energy companies with strong historical cash-flow and sustainable profitability. As part of its new growth initiative, the Company plans to acquire sector-specific technology and assets to be integrated into existing and future operations. Auric's primary business strategy is the acquisition of diverse, profitable energy related assets that provide synergistic profits and revenue enhancements across all portfolio companies.
The Company has developed and maintains an extensive database of private and public natural resources companies which have substantial resources already proven. The Company is constantly seeking acquisition opportunities with significant exploration upside through purchase, joint venture or investment. With unparalleled instincts for successful mineral projects, a field-oriented management style and a flat organizational structure, the Company has an ability to concentrate its financial assets, human resources and field efforts to provide timely decisions and a continued focus on the most prospective targets. The company has a number of claims strategically located in this historic mining district. The Company believes its combination of profitability and mitigated-risk funding structures provides long-term shareholder equity appreciation. For more information please visit the company's website at www.auricminingcorp.com.
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995 - forward-looking statements concerning plans, objectives, goals, strategies, future events of performance and underlying assumptions and other statements which are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and services demand and acceptance, changes in technology and in economic, political and regulatory conditions and to all of the risks generally associated with a company at Auric Mining's stage of development. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by these cautionary statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
For more information contact:
Auric Mining Company
General Inquiries: 302-336-9736
Investor Relations: 302-269-3859
SOURCE Auric Mining Company