NEW YORK, March 31, 2011 /PRNewswire-FirstCall/ -- ESM Refiners, Inc., a subsidiary of Casey Corp. (ODC BB: CCPR) - a recycler of precious metals - began due diligence for the purchase of properties for exploration and mining in the Oriental Region of Paraguay.
Early in 2011, the Company made the strategic decision to enter the gold exploration and mining market and entered into an agreement with Inge Bernt Goran Ostlund for the purchase of 6,300 hectares located in the Guaira Department, Oriental Region of Paraguay.
Currently, Casey Corp. is evaluating several other properties in the Oriental Region of Paraguay, targeting primarily gold and possibly uranium mining. Of particular interest to the Company are sites located in the regions of Guaira, Caaguazu and Caazapa. The Paso Yobai mine is located in Guaira Department, known for significant gold mining and exploration activity. Moreover, previous soil historic workings also provide evidence of the excellent potential for resource discoveries at at Guaira, Caaguazu and Caazapa.
Mr. Eduard Musheyev, Casey Corp.'s, President and CEO, notes "If we find these areas to be of tangible interest, after completing our due diligence, we expect to acquire at least two more properties."
Casey Corp. initiated due diligence proceedings this week, consisting of checking and reading existing geological reports and historic workings, as well as collection of surface samples.
Casey Corp.'s move to expand into the exploration and mining industry comes as the Company reached over than $60m in sales over the past 12 months.
CaseyCorp is a wholesale buyer and seller of precious metals, primarily scrap gold. CaseyCorp purchases gold in two ways, wholesale and retail. The wholesale business acts as an aggregator purchasing jewelry and other items containing gold from a client base of several hundred dealers and other trade sources.
The items purchased are melted down and sold immediately to gold refineries at pre-agreed contract prices renewed every day. Buying and selling prices are based on the current gold price, eliminating the possibility of loss in the event of rapid price fluctuation.
Mr. Eduard Musheyev - President and Chief Executive Officer - has over 30 years experience in the gold jewelry market having set up and managed successful companies involved in manufacture, retailing and refining.
Safe Harbor statement
Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the actual results of the Company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms "believes," "should," "intends," "will," or "plans" to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's reports and registration statements filed with the Securities and Exchange Commission.
Contact Information: CaseyCorp Enterprises, Inc Sergey Musheyev firstname.lastname@example.org http://www.wecashgold.net phone: +1-212-3822404 Investor & Media Relations Contact: email@example.com
SOURCE Casey Corp