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Michigan Gold Mining Investments Inc. Announces Letter of Intent on Patented Water Purification Joint Venture With Californian Firm Thursday October 12, 8:00 am ET
BAY CITY, MI--(MARKET WIRE)--Oct 12, 2006 -- Michigan Gold Mining Investments Inc. (Other OTC:MGGV.PK - News) is pleased to announce it has signed a letter of intent with Consolidated Water Technologies Inc. of Sun Valley, California. Consolidated Water Technologies Inc.'s focus is on utility conservation, pathogen control / disinfection and odor control. CWTI holds two patent process patents (U.S. Patent 5,730,879 and U.S. Patent 6,746,609) surrounding the use of water purification to achieve water and energy savings in cooling towers while reducing chemical, solids and water discharge. CWTI has existing distribution and/or representative agreements with Siemens and Pure Line Treatment Systems, LLC. CWTI provides patented or unique, proprietary water treatment, purification, odor control and disinfection products to the food, dairy, university, industrial, municipal, commercial and hospital markets. Satisfied customers includes, but is not limited to, Warner Brothers Studios, University of California, Irvine, Brigford Foods, City of Hueneme/Point Magu Naval Station, County of Fresno, Cushman and Wakefield, Manulife Financial, Washington Mutual and Kindred Hospital. ADVERTISEMENT
Michigan Gold Mining Investments Inc. and CWTI have signed a letter of intent whereby the companies will jointly and actively pursue mutually beneficial business strategies for the Peru Water project and existing market growth in North America.
Ben Fuschino comments, "We at MGGV are very excited about doing business with CWTI both in North America and Peru. Michigan Gold is extending its development of natural resources to include water. Water is the ultimate commodity and it is in line with MGGV's strategic vision centered on long-term commodity values."
Don Osborne II, VP of business development, adds, "Here at CWTI we have an accelerated growth strategy and the involvement with MGGV gives us the opportunity to enhance our growth strategy."
Investment returns on water has outpaced oil futures in the past two years: the world water index has gained 85% in the last two years as compared to a 23% return in oil futures. In other news, Michigan Gold has suspended its option on the Anita Mine property in Peru. The property has not, as of yet, reached the level of exclusive mineral lease title as required by our counsel and our board. However, when and if MGGV can be assured of delivery of title Michigan may proceed with the property.
The 1000 preference shares ($225,000) that were to be issued for the 11.3 million Condor Gold (CDRGF) common shares has been rescinded by the board of MGGV as the value of the CDRGF common shares have depreciated such that the board decided that the debt of the preference issue would be detrimental to Michigan Gold's interests at this time.
Forward-Looking Statement
The information herein and regarding economic, competitive, governmental, technological and other factors may constitute a "forward-looking statement" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, the Private Securities Litigation Reform act of 1995. While the Company believes that the assumptions underlying such forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the forward-looking information will prove to be accurate. Accordingly, there may be differences between the actual results and the predicted results, and actual results may be materially higher or lower than those indicated in the forward-looking information contained herein. The release contains forward-looking statements with respect to the results of operations and businesses of Michigan Gold Mining Investments Inc., which involve risks and uncertainties. The company's actual future results could materially differ from those discussed. Risks and uncertainties of the company will be detailed from time to time in the company's periodic reports. The company intends that such statements about the company's future expectations, including future revenues and earnings, and all other forward-looking statements, be subjected to the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995.
For more information call Len at 989-509-5908 or visit the MGGV Website at www.michigangold.net
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