WILMINGTON, Del., April 26, 2012 /PRNewswire/ -- Auric Mining Company (OTC: AUMY) announced today that it has significantly increased its Acquisition Initiative and taken steps to increase its $20m Financial Guarantee based on the latest International Monetary Fund (IMF) statistics.
According to the latest IMF statistics at least 12 countries are known to have increased their gold reserves in March indicating the continuation of a trend now going back more than two years, and one which has been on its own a substantial supporter of the higher gold prices seen over the period. Overall Central Banks appear to have purchased no less than 58 tonnes in the month, which could suggest an acceleration in their increases in holdings if buying at this rate continues throughout the year.
Bloomberg quotes Bayram Dincer, an analyst at LGT Capital Management in Pfaeffikon, Switzerland: "We expect that the recent trend of the official sector being a net buyer will continue in the medium and long term. Gold will continue to be a preferred central bank reserve asset. It is currency protection and stabilization."
The Company had previously announced its Acquisition Initiative has significantly advanced and the Company is pursuing various gold mining properties that would add in excess of $100,000,000 in potential revenues supported by a $20m Financial Guarantee provided by its Financial Banker partners.
The Company expects 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. Additionally, the Company will be announcing additional projected acquisition and partnerships shortly and a projected increase in its $20m Financial Guarantee.
The Company further reports that has authorized its Transfer Agent to issue and deliver the 3% Stock Dividend declared March 26, 2012.
The Company will continue to provide regular updates regarding progress and developments of its expanded 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
Email: [email protected]
SOURCE Auric Mining Company