(MARKETWIRE via COMTEX) — North Springs Resources Corp.NSRS +19.13% (pinksheets:NSRS) (the “Company” or “North Springs”) is pleased to announce it has reached an agreement in principle to acquire a 100% interest in two prospecting licences in the prolific gold producing region known as the Kabouri Gold Mining Area in the country of Guyana, South America. The Company is currently completing its final project due diligence and negotiating the definitive terms of the potential acquisition. A definitive agreement is expected to be reached and executed within 48 hours.
The “Kabouri Project Area Licence R-20” and “Kabouri Project Area Licence R-21” cover a combined area of over 25,000 acres of prime greenstone belt located about 160 km south-south west of Georgetown, Guyana. The properties share similar geological and geochemical characteristics with several well-known gold producing mines in the immediate area at Omai, Kabouri, Eldorado, and Hicks. Although the R-20 and R-21 licences have no documented history of gold production, they show evidence of artisanal mining from alluvial, colluvial, and bedrock sources. Extensive regional geochemical surveys and stream sediment surveys conducted by the Guyana Geology and Mines Commission (“GGMC”) showed moderately to strongly anomalous gold concentrations within both properties that warrant immediate follow-up. The entire R-20 and R-21 prospecting licence area has been subject to regional geological and geochemical studies by the GGMC and is also covered by compiled aeromagnetic data.
“This is a fantastic opportunity for North Springs to acquire two very large properties right in the middle of one of the most important gold producing regions in the world. The location of the properties, their geologic setting, and their history of artisanal mining all combine to give this project huge potential upside with relatively low early stage risk,” stated Harry Lappa, President of North Springs Resources. “The widespread artisanal mining in the area is a very an important exploration factor for us to consider. The Omai Mine, to the southeast was worked for many years by artisanal miners before being re-discovered as large scale commercial mine with over 4 million ounces of gold produced. We intend to find out if the artisanal workings on the R-20 and R-21 are also just the tip of a much larger deposit lurking underneath.”
The Kabouri Gold Mining Area is part of a well-defined 1,000 mile long band of gold producing greenstone geology from Venezuela and French Guyana. The area is often compared to similar gold producing areas in West Africa. Numerous world-class gold mines have operated in the region with an estimated total combined gold resource of over 110 Moz., including Las Christinas (17 Moz. – Venezuela), El Callo (18 Moz.-Venezuela), Toroparu (10 Moz. – Guyana), Aurora (6.5 Moz. – Guyana), Omai (4 Moz. – Guyana), Gros Rosebel (13.7 Moz. – Suriname), Nassau (9 Moz. – Suriname), and Paul Isnard (3.9 Moz. – French Guyana).
The proposed transaction remains subject to, among other things, North Springs and the vendors entering into a definitive agreement and completion of satisfactory due diligence by both parties. There can be no assurance that the transaction will be completed as proposed or at all. If and when a definitive agreement is memorialized, additional details regarding this transaction will be forthcoming.
About North Springs Resources Corp.
North Springs Resources Corp. is focused on the evaluation, acquisition, exploration, and development of mineral resource properties. Currently, we are in the evaluation and acquisition phase of operations. The Company is led by a skilled and experienced management team and independent consulting geologists with many years of experience. North Springs is committed to creating value for its shareholders by advancing its current holdings and by acquiring new properties with significant potential.
For additional information, please visit www.northspringsresources.com .
Harry Lappa, President
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