via CAAI
Posted on: Wed, 29 Dec 2010
Dec 29, 2010 (Close-Up Media via COMTEX) -- Aultra Gold, Inc., operating internationally as Shamika2Gold, has executed a definitive securities exchange agreement to acquire a concession of a gold and ruby exploration license in Cambodia.
The Company said the area covered in the license is comprised of approximately 158 square miles in the Samlaut district adjacent to the famous Pailin ruby gem area. A Phase 1 & 2 Survey Report on the project was prepared by Terra Insight Services, Inc., a subsidiary of Terra Energy & Resource Technologies, Inc. (TEGR.OB), suggesting potential resources of 1.5 million ounces of gold and 9,000 kilograms of rubies.
According to a release, upon consummation of the exchange, Shamika will acquire approximately 85 percent of the capital stock from the Mauritius holding company which, upon formation and contribution, will hold these mining rights in exchange for 57,000,000 shares of Shamika common stock and shares of Series B Performing Preferred Stock, entitling the holder to 45 percent of the net operating profit from the mining project. The closing is conditioned upon the formation of the holding company and subsequent contribution of the mining rights.
"This is a very important acquisition for Shamika and confirms the company's strategy to acquire and develop international gold assets ready or close to production," stated Robert Vivian, President and Chief Executive Officer.
Aultra Gold Inc., which operates as Shamika2Gold, is an international junior gold company with strategic holdings in the Kilo Moto Greenbelt in the Democratic Republic of Congo, where mining companies have begun exploration and development.
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