LEXINGTON, Ky., June 9 /PRNewswire-FirstCall/ -- VHGI Holdings, Inc. (OTC Bulletin Board: VHGI) is pleased to announce that VHGI Gold, LLC, its wholly-owned operating subsidiary, has completed the process of purchasing the Federal Lease rights to two gold mining prospects in Northern Arizona; Treasure Gulch and Sun Gold.
VHGI Gold's President Jim Renfro stated, "Our team has worked long and hard to accomplish this initial acquisition. We look forward to putting the remaining pieces in place that will allow for permitting and the beginning of a mining operation we hope in Q4 of this year."
The initial goal will be to complete the 43-101 engineering reports, hire a mining engineer and put a solid mining plan in place allowing the company an even clearer picture of the proven reserve of 76,000 ounces (gold) and the potential of over 200,000 ounces (gold) based on the information provided by the geologists at Western Sierra Mining from whom the purchase was made.
"What remains central to this project is that gold has risen to an average of over $1,200 per ounce over the last six months without a real significant push from large capital / publicly held funds. This move was motivated we suspect by mostly privately held capital funds who smartly arrived early with larger institutional monies soon to follow," said Mr. Renfro, adding, "With this said we see significant upside in this project."
About VHGI and VHGI Gold
VHGI is a diverse company with assets and interests focusing on opportunities within the Precious Metals Markets and Energy Markets as well as some Healthcare related Assets. VHGI Gold, a wholly owned subsidiary of VHGI has recently initiated steps to leverage the company's operating history and corporate resources within the Gold Mining Industry and intends to pursue these opportunities through Lease-Purchase opportunities, Acquisitions and Joint Ventures.
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SOURCE VHGI Holdings, Inc.