DAYTON, Nev., June 20, 2016 /PRNewswire/ -- The directors and management of Van Gold Resources (PINKSHEETS:VGRI) are pleased to provide an update on the Company's interests in Africa and New Guinea where Van Gold Resources currently has future contingent assets.
Van Gold Resources also has obtained negotiation rights to oil, mineral, forestry and agriculture concessions in the emerging nations of Biafra, Southern Cameroons (Ambazonia), Cabinda, Matabeleland and West Papua. According to a Competent Person's report available at the Company's website, the value of these contingent rights could be as high as $150 million. In each case, Van Gold Resource's assets are contingent upon these regions obtaining national self-determination and have no production value at present.
Biafra – Amnesty International reports Nigerian soldiers were guilty of using "unnecessary and excessive force" in shooting dead scores of peaceful pro-Biafra protesters in southern Nigeria on May 30, 2016. Meanwhile according to the Wall Street Journal, an insurgent group called the Niger Delta Avengers (not affiliated with Van Gold Resources) is crippling the Nigerian oil industry at the rate of one million barrels a day and has pushed world oil prices up over the $50 a barrel mark through sabotage and bombing.
Cabinda – Reuters news service reports increased activity by activists in Cabinda with occupations of offshore oil platforms in May 2016 and fears of a Niger Delta style insurgency breaking out.
West Papua – Local activists have hailed the recent agreement between Van Gold Resources and the West Papua Liberation Organization as a first step in taking control of the world's largest gold mine at Grasberg. Pro-independence rallies have taken place in June with more than a thousand independence activists detained by Indonesian police according to the Guardian newspaper.
Van Gold Resources supports peaceful economic self-determination. Van Gold Resources does not support armed conflict, human right violations, or paramilitary activities.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "will" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Corporation's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Corporation. The forward-looking information contained in this release is made as of the date hereof and the Corporation is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein. U.S. GAAP, ASC 450-20 defines a contingency as an "existing condition, situation, or set of circumstances involving uncertainty as to possible gain (gain contingency) or loss (loss contingency) to an entity that will ultimately be resolved when one or more future events occur or fail to occur."
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SOURCE Van Gold Resources Inc.