posted
Fortune Oil and Gas Inc. (FOGC) Merger with Alta Mining Complete
Press Release Source: Fortune Oil & Gas, Inc. On Friday March 25, 2011, 3:45 pm EDT HENDERSON, NEVADA--(Marketwire - 03/25/11) - Fortune Oil & Gas, Inc. (PINK SHEETS:FOGC - News) (http://www.fortuneoilandgascorp.com) is pleased to announce that the merger with Alta Mining Inc. has been finalized.
Following certain administrative hurdles, Alta Mining has been successfully vended into Fortune Oil and Gas, Inc. Alta Mining is a junior mining company dedicated to performing cost effective and highly competitive exploring and developing operations on economically viable mineral deposits situated in geopolitically stable, well known and historically proven mining areas.
Alta Mining is deeply committed to providing a constant increase of value for their shareholders and are confident that their market position, coupled with their unique business perspective, will ensure the success of the company's plan to acquire and develop precious metals properties and successfully achieve their long-term goals.
The company management stated, "FOGC is back on board with a great business opportunity. Alta offers a great connection in the mining industry and we expect the company to bring exiting mining exploration opportunities. Following the merger, the company plans to start optioning exploration properties with valid mining potential. The company expects to have a minimum of one property optioned for exploration before the 2011 exploration season starts in May. We will continue looking at other viable mining businesses for mergers, but for now, we are extremely pleased with Alta and its professionals, and expect to achieve some results in mining exploration."
In other company updates, the company shortly intends to name a new CEO with mining expertise, a complete new board member roster and will shortly begin to update the OTC Markets with filings company financials and other relevant data.
More updates will follow shortly and frequently.
lilsunshine33
posted
Fortune Oil & Gas, Inc. (FOGC) New CEO Appointment and Management Update
Press Release Source: Fortune Oil & Gas, Inc. On Monday March 28, 2011, 3:30 pm EDT HENDERSON, NEVADA--(Marketwire - 03/28/11) - Fortune Oil & Gas, Inc. (PINK SHEETS:FOGC - News) (www.fortuneoilandgascorp.com) has appointed Serge S. Acimovic as its new president and chief executive officer to take the reins of FOGC and its new Alta Mining Inc. subsidiary.
FOGC announced the finalization of its merger with Alta Mining on March 25, and the company is eager to get down to business and report to its followers. Acimovic brings a wide set of business skills and contacts to his position that will highly benefit the company. FOGC believes that Acimovic's ability to successfully synergize numerous business aspects will help it to quickly move forward and provide it with the needed strength to become a successful junior mining company. FOGC is positive that Acimovic will expand the company's Board of Directors with people who share a similar understanding of the mining industry and have expertise that should establish strong credibility in the industry.
FOGC is looking to further explore and exploit mining ventures and build a diversified portfolio of exploration and development projects with historically proven mining potential that meet the company's development standards. The negotiation process is to the point where the company can say that the upcoming mining season (starting in May 2011) will bring a lot of exploration activities. The new management is bullish on the mining industry and the company's financing is securely in place.
Alta Mining remains dedicated to overseeing cost-effective exploration and development operations on economically viable mineral deposits situated in geopolitically stable, well-known and historically proven mining areas.
In other corporate news, FOGC has completed its subscription agreement with OTC Markets and will soon commence updating OTC Markets with corporate and other relevant data. More updates will follow shortly and frequently.
lilsunshine33
posted
Fortune Oil and Gas, Inc. (FOGC) Bids for Mining Property in British Columbia, Canada
Press Release Source: Fortune Oil & Gas, Inc. On Thursday March 31, 2011, 3:55 pm HENDERSON, NEVADA--(Marketwire - 03/31/11) - Fortune Oil & Gas, Inc. (PINK SHEETS:FOGC - News) (www.fortuneoilandgascorp.com) has signed a Letter of Intent (LOI) for a mining property in British Columbia, Canada.
The LOI specifies that Alta Mining will acquire SHG Claim Set, a silver, lead and zinc-bearing property located in a well-known mining district about 25 kilometers northwest of Kaslo, B.C.
Mineralization on the property is typical for well-known silver-lead-zinc mineralization that occurs in the Triassic Slocan Group. The property also includes greenstones and ultramafic rocks of the Permian Kaslo Group, which also host rich silver-lead-zinc mineralization. The general structural trend is 310 degrees, dipping generally southwesterly. The mineral deposit is a polymetallic type of vein that bears silver, lead, zinc and sometimes gold.
The entire region is known for high-grade silver and gold deposits, and numerous past and current producers are in close proximity to the property. The latest reports on the property were completed in the early 1970s, but there was no significant success in revealing its mineral capacity.
A confidentiality clause in the LOI prevents FOGC from revealing more details about the property. The company will issue a full report immediately upon the execution of the final contract with the property owner.
FOGC has taken a major step forward in executing its strategy by securing a mining property with historically confirmed mineralization for its portfolio of projects, and sees this as a catalyst for further expansion. SHG Claim Set is a perfect fit for the company's development policy in that it has a history of mineralization and undeveloped potential caused by old exploration techniques. Modern technology gives FOGC an opportunity to compress the time that it takes to realize the full potential of the property.
FOGC CEO Serge S. Acimovic stated: "The business understanding between the claim holder and us is strong and positive. Post-LOI negotiations are moving in the desired direction with a big probability for a definitive agreement. Properties that are strategically well-placed in a district with a rich history of mining will fuse the company's power to implement advanced exploration technology on the historically defined and confirmed mining potential of SHG Claim Set.
"This LOI that calls for purchasing 100% of the ownership and all mineral rights on the proposed property is a major step forward in executing our strategies. This step will define Fortune Oil & Gas as a prosperous junior exploration company in the global mining market.
"Silver and other commodities that are present on the property have experienced a significant upward price movement through 2010 and the first quarter of 2011, and analysts aren't expecting those price increases to slow to any significant degree in the future. International market and political circumstances are working favorably in support of this upward trend, and industrial demand for silver isn't going to fall. All of these factors give us a strong belief that resource pricing will continue to move upward.
"The Letter of Intent will be superseded by a definitive agreement that's subject to mutual approval. It's intended to be completed upon both parties agreeing on the agreement structure that has to comply with all necessary legal and regulatory requirements. At the same time, it has to minimize or eliminate any unfavorable financial consequences for Fortune Oil & Gas and increase cost-effectiveness, which is the ultimate goal in the company's development policy."
posted