FORT LAUDERDALE, Fla., June 13, 2012 /PRNewswire/ -- Norman Cay Development, Inc. (OTCQB: NCDL) ("Norman Cay" or the "Company"), an emerging international gold exploration and development company, is pleased to announce that the Company has received notification of the approval by the Minerals Commission of Ghana of the assignment of option rights for the Edum Banso Gold Project to Discovery Gold Ghana Limited ("Discovery Gold"), a wholly-owned subsidiary of the Company. The assignment of the option rights from Xtra-Gold Mining Limited to Discovery Gold is the final obligation under the Edum Banso Acquisition Agreement between the two companies.
"The assignment of the option rights to our Discovery Gold subsidiary will mark the successful completion of the Edum Banso Gold Project acquisition from Xtra-Gold Mining in Ghana," said Steve Flechner, President of Norman Cay. "With the Minerals Commission transfer approval process behind us, the Company intends to move forward with an aggressive strategy to fund and continue exploration of the numerous previously identified gold targets on the property."
Following notification of the option right transfer approval, completion of the transaction was subject to payment of a nominal consideration to the Minerals Commission, to be followed by formal Ministerial consent. Xtra-Gold Mining has already made the above mentioned payment to the Minerals Commission and has been issued an official receipt acknowledging such payment. The Company's Ghana legal counsel has indicated that formal Ministerial consent for the transfer is expected to be issued within the next 30 days.
Further updates regarding the Edum Banso Gold Project and other Norman Cay business will be made as additional information becomes available.
About Norman Cay Development
Norman Cay Development, Inc. is an emerging U.S. based mineral exploration company offering shareholders the opportunity to participate in the ownership of high-potential international gold exploration and development. The Company's wholly-owned subsidiary, Discovery Gold Ghana Limited, currently holds a 65% interest (with the opportunity to re-acquire 25% for 90% total) in the exclusive rights to explore and develop the Edum Banso Gold Project within the historic Ashanti Gold Belt in Ghana.
For further information regarding Norman Cay Development, Inc., contact:
LiveCall Investor Relations
Gerry Belanger, (855) 490-9700 (Toll-free)
E-mail: [email protected]
Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of that term in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements may be identified by the use of words such as "anticipate", "believe", "expect", "may", "will", "would", "should", "plan", "projected", "intend", and similar expressions. Norman Cay Development, Inc. (the "Company") bases these forward-looking statements on current expectations and projections about future events, based on information currently available. Such forward-looking statements, involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. The Company has no mineral resource or reserve estimate for the Edum Banso Gold Project at this time and may not have sufficient funding to thoroughly explore, drill or develop its properties. The Company disclaims any obligation to update any of its forward-looking statements, except as may be required by law. On October 1, 2012, the Company has the right to re-acquire 25% of the Edum Banso Gold Project option should certain conditions be met.
SOURCE Norman Cay Development, Inc.