NEW YORK, September 19, 2011 /PRNewswire/ --
Memorandum of understanding was signed between Shelron Group and a Tanzanian company that owns a gold prospecting license in the Republic of Tanzania.
Shelron Group, Inc. (OTCBB: SRNG) (the "Company), is pleased to announce that it has signed a non binding Memorandum of Understanding ("MOU") with a local Tanzanian company which has the rights to prospect for gold in the Geita district. The MOU is for the acquisition of 51% of the mineral rights of the property. The size of the plot is 1.8 square kilometers or 19,375,038 square feet.
Part of the MOU is that the sellers shall assist the Company in obtaining additional mining licenses in the country.
About Shelron Group
Shelron Group, Inc. (OTCBB: SRNG) is a New York based mineral exploration and development company focused on acquisition, exploration, evaluation, and development of mineral resource properties in Africa and South America. The Company incorporated in Delaware and is headquartered in New York.
Additional information is available at http://www.Shelron-Group.com.
The focus of the company is to adhere to its acquisition criteria and only acquire prospecting licenses that can potentially be developed into proven reserves or productive gold mines.
Shelron group will have 180 days to do due diligence on the prospecting license. There can be no assurance that a definitive agreement with any party will be executed on acceptable terms or at all. Additionally, even assuming acceptable terms are reached, there can be no assurance that the required conditions of such transactions would be met.
The Company realizes that there are tremendous benefits to be had by marrying the international investment community to the peaceful country of Tanzania, its people and its mineral wealth. Shelron Group's policy is and will continue to support eco-friendly mining to help maintain the delicate ecological balance of the planet.
The Company also values its role and responsibility to treat with the utmost respect not only the natural resources of the country, but also every person and the environment, in all aspects of its business dealings.
Chairman Eliron Yaron
"My mission as the Chairman of the Board of the Shelron Group is to keep the Company focused on resource development in order to identify and develop unique opportunities that create value for our shareholders. I have identified a few commodities with strong, long term market fundamentals that are essential building block of the worlds' economics."
About Tanzania Gold Economy
Tanzania is currently the third largest gold exporter in Africa.
Major gold mining companies such as AngloGold and Barrick are already operating in Tanzania for many years. Major mining companies engage only in massive reserve mega mines while the small and medium scale mining operations remain an untapped resource.
Recent changes in Tanzanian law now limit the number of licenses each company can hold in order to allow more mining and exploration companies to obtain good mining plots. These legislative changes have brought "back on the market" many interesting investment opportunities in potentially high reserve areas that have not been developed to date.
Geita Region Geology
i. The Geita Greenstone Belt is marked by high relief in the form of hills, ridges, and a plateau underlain by steeply dipping BIF. This Greenstone belt has been the most productive in Tanzania with a nearly continuous history of activity from 1932 to the present.
ii. Three airborne geophysical surveys were made within the Geita greenstone belt. Each of them produced maps of Magnetic, Electromagnetic and radioactivity surveys.
iii. Gold mineralization in the Geita area was first discovered in the early 1930s. From 1936 and 1966, the Geita Gold Mines constituted the largest Gold operation in East Africa that produced 5.5 million tons of Gold ore and an average grade of 5.3g/t.
vi. Major Gold mining companies such as AngloGold and Barrick are already operating in Tanzania for many years.
vii. Major mining companies engage only in massive reserve mega mines while the small and medium scale mining operations remain an untapped resource.
viii. Recent changes in Tanzanian law, limiting the number of licenses each company can hold in order to allow more mining and exploration companies to obtain good mining plots have caused many interesting and potentially high reserve areas that have not been developed or invested in to be "back on the market".
Safe Harbor Statement
There can be no assurance that a definitive agreement with any party will be executed on acceptable terms or at all. Additionally, even assuming acceptable terms are reached, there can be no assurance that the required conditions of such transactions would be met.
This press release may include certain statements that are not descriptions of historical facts, but are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. These forward looking statements may include the description of our plans and objectives for future operations, assumptions underlying such plans and objectives and other forward looking terminology such as "may," "expects," "believes," "anticipates," "intends," "projects," or similar terms, variations of such terms or the negative of such terms. Such information is based upon various assumptions made by, and expectations of, our management that were reasonable when made but may prove to be incorrect. All of such assumptions are inherently subject to significant economic and competitive uncertainties and contingencies beyond our control and upon assumptions with respect to the future business decisions which are subject to change. A number of factors could cause our actual results to differ from anticipated results expressed in such forward-looking statements. Such factors are addressed in our filings with the Securities and Exchange Commission (available at http://www.sec.gov). Accordingly, there can be no assurance that actual results will meet expectations and actual results may vary (perhaps materially) from certain of the results anticipated herein. We assume no obligation to update any forward-looking statements.
SOURCE Shelron Group, Inc.