Pngm PNGM (Pengram Corp) is an advanced gold exploration company searching the globe for outstanding gold properties, and currently has a focus on 4 properties in "gold heavy" Nevada and in British Columbia.
So, what's so special about mining in Nevada?
Nevada is reportedly one of the LARGEST producers of Gold in the world According to a report by Nevada Geology, Nevada has been the leading U.S. Producer of gold, silver and barite According to another report, Nevada has been ranked as the fourth largest producer of gold in the world PNGM’s strategy is to evaluate and acquire properties where previous work has been conducted and have yielded positive results for the presence of gold.
PNGM’s business plan is to assemble a portfolio of mineral properties with gold potential and to engage in the exploration and development of these properties.
PNGM currently has interests in properties in the gold producing state of Nevada and another in British Columbia:
(1) The Clisbako Property
2) The Fish Project
3) The Golden Snow Project
4) The CPG Project
5) Manado Gold Property
This strategic allotment of gold properties in PNGM’s portfolio presents it with a formidable advantage when compared to its competition.
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BELLINGHAM, WASHINGTON, May 17, 2011 (MARKETWIRE via COMTEX) -- Pengram Corporation (OTCQB: PNGM), an emerging gold exploration company, today announced its due diligence on the option to negotiate the purchase of a substantial package consisting of 54 mineral claims (the "Long Canyon Gold Trend Mineral Claims") located in Elko County, Nevada is proceeding well. Due to the amount of data needed to be analyzed, the Company has asked for and been granted an extension of one week to conclude its due diligence. The Long Canyon Gold Trend Mineral Claims are located approximately eight miles southwest of Fronteer Gold's central Long Canyon Gold Trend two million gold ounce discovery in Elko County's Pequop Mountains.
That Long Canyon deposit, which Nevada State mining officials have described as a "new mining district" with Carlin Trend potential, was owned by Fronteer Gold. It was the primary property for which Newmont Mining acquired Fronteer earlier this month for $2.3 billion.
The Company is also pleased to announce it has eliminated approximately $110,000 of outstanding indebtedness through the distribution of non-core assets.
About Pengram Corporation
Pengram is an emerging gold exploration company searching the globe for outstanding gold properties primarily in favorable mining jurisdictions. Its strategy is to evaluate and acquire properties where previous work has been conducted and yielded positive results for the presence of gold. Its portfolio currently consists of four properties -- three in Nevada and one in British Columbia -- under active evaluation for development, in addition to the Long Canyon Gold Trend Mineral Claims under due diligence and negotiation for acquisition.
Forward Looking Statement
Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Words such as "expects", "intends", "plans", "may", "could", "should", "anticipates", "likely", "believes" and words of similar import also identify forward-looking statements. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management. The statements by our officers, and other statements regarding: optimism related to the business; expanding acquisition, exploration and development activities; and completing, a binding agreement for mineral project acquisitions; as well as the prospects, forecasts and projections for such mineral projects owned; and other statements in this news release are forward-looking statements. Such statements are based on current expectations, estimates and projections about the Company's business. Actual results could vary materially from the description contained herein due to many risk factors that affect the industry the Company operates in and other risk factors listed from time to time in the Company's Securities and Exchange Commission (SEC) filings under "risk factors" and elsewhere. In particular, there is no assurance that Pengram will complete an acquisition of the Long Canyon Gold Trend Mineral Claims or that the claims will contain the same or similar mineralization of Newmont's Long Canyon Deposit. The forward-looking statements contained in this news release speak only as of the date on which they are made, and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.
Contacts: Investor Contact: Capitol Financial Media 702.997.2429 email@example.com
Entry into a Material Definitive Agreement, Completion of Acquisition or Disposition
Item 1.01 Entry Into a Material Definitive Agreement. On May 12, 1011, Pengram Corporation (the "Company") entered into an amendment to the letter agreement dated April 13, 2011 with Development Resources LLC granting the Company the exclusive right to negotiate the acquisition of 54 mineral claims located in the Long Canyon area of Elko County, Nevada. The Company hopes to reach an agreement within the next week. Development Resources LLC, the owner of the mineral claims, has agreed to extend the exclusivity period under the agreement dated April 13, 2011 for an additional 7 days to permit negotiations to be completed.
Item 2.01 Completion of Acquisition or Disposition of Assets. The Company has settled approximately $110,000 of outstanding indebtedness of the Company and its wholly-owned subsidiary, Magellan Acquisition Corp. ("Magellan"), by transferring its 209,000 shares of Copper Development Corp. held by Magellan to certain creditors of the Company and Magellan, including $7,923.50 of indebtedness to Richard W. Donaldson, the Company's President, $5,883.00 of indebtedness to Kahala Financial Corp. a company controlled by Mr. Donaldson, $6,174.50 of indebtedness to Don Archibald, a director of Magellan and $291.50 of indebtedness to David K. Ryan, a director of Magellan. For the purposes of the settlement, the shares of Copper Development Corp. were valued based on their trading price on the London AIM Market of approximately $0.55 per share.
Item 9.01 Financial Statements and Exhibits. (d) Exhibits
Exhibit Description of Exhibit Number
10.1 Extension dated May 12, 2011 to Letter Agreement dated April 13, 2011 between Pengram Corporation and Development Resources LLC.
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