Michigan Gold Acquires 11.3 Million Shares of Condor Gold in Preferred Share Issuance Tuesday June 13, 9:15 am ET
BAY CITY, MI--(MARKET WIRE)--Jun 13, 2006 -- Michigan Gold Mining Investments, Inc. (Other OTC:MGGV.PK - News) is pleased to announce that it has acquired 11.3 million shares of Condor Gold Inc. (http://www.condorgold.com/) ADVERTISEMENT
Michigan Gold will issue 1,000 Series 'A' Preferred shares to purchase this common stake in Condor Gold. The redemption value of the preferred shares is $225,000. The preferred shareholders have waived any interest for the first two years; thereafter the preferred shares will pay a dividend of 7% annually to the preferred shareholders.
As part of the purchase terms, Michigan Gold has entered into a lock-up agreement with Condor Gold whereby Michigan Gold will not, directly or indirectly, privately or in the public markets, purchase any more common shares of Condor Gold until after October 1, 2006.
Condor Gold, Inc. is a junior mining company. Condor has combined numerous small mining properties and a substantial amount of new staking to create a compiled property holding consisting of almost 150 square kilometers (56 square miles) and an 18 mile strike length. Condor's Qualifying Report (listed on Sedar) confirms a measured and indicated resource of 269,300 ounces of gold and an inferred resource of 193,800 ounces of gold from surface to a depth of 600 feet. Drilling in 2002 and 2003 indicates that the resource continues below 600 feet and along strike. The company currently has 205,739,482 common shares outstanding.
Michigan Gold officials stated the company believes in the long term value of Condor Gold, Inc. The company further stated the stake would fit into MGGV's strategic goal of acquiring and developing precious metals assets at favorable prices during a time in which metals prices are in the midst of a cyclical bull market.
Michigan Gold earlier announced an investor conference call scheduled to take place on June 28, 2006 in which the company has stated investors would be made aware of a "significant milestone event" for the company. Further details of the call, including all necessary access numbers, will be released at a later date.
About Michigan Gold Mining Investments, Inc.
Michigan Gold Mining Investments, Inc. is an American junior mineral exploration company presently in the process of developing mineral assets in North and South America who currently retains a one hundred percent (100%) title to a Platinum/Palladium prospect in Northern Ontario, named the 'Deadmoose Lake' property.
Michigan Gold also holds an option on the Anita Mine in Peru. This mine is expected to have workable deposits of precious and industrial metals. Michigan Gold is now in the process of defining these potential deposits.
Michigan Gold is committed to the accumulation and development of unhedged precious metal deposit sites in both North and South America.
The company is of the opinion that the bull market in metals is a trend that will continue over a generation. Notwithstanding, the current low levels in Global Inventory in most metals and, most importantly, longer term strategic considerations originating from high-growth oriented economies in China, India and other Eastern nations has placed extreme pressure on pricing in the metals markets. This factor, coupled with the weakness of the US Dollar due to the USA's large budget and current account deficits may support historically high dollar prices in metals for years to come.
Major metals miners have hedged most producing properties and cannot strongly benefit from rising price trends over the near term. This places junior miners in a very advantageous position. As properties are proven and production is ascertained to be feasible, the ability of Michigan Gold Mining Investments to profit from these historically high metals prices should come to fruition.
Michigan Gold Investments Inc. (trading symbol MGGV) is listed on the OTC market and has commenced the process of becoming a full reporting US company.
Forward-Looking Statement
The information contained herein regarding risks and uncertainties, which may differ materially from those set forth in these statements, in addition to the economic, competitive, governmental, technological and other factors, constitutes 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 information 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.
Contact: Contact: Investor Relations 989-509-5908
-------------------------------------------------------------------------------- Source: Michigan Gold Mining Investments, Inc.
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-------------------- please dont trade stocks on my alerts, do your dd first. Posts: 5265 | From: Alberta | Registered: Jan 2006
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i agree with u super but the market sucks right now and things are not moving like they did 6 months ago
Posts: 155 | From: WEST TEXAS | Registered: Apr 2006
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-------------------- I'm a poor redneck trying to make some extra cash. Do your own DD! Posts: 75 | From: Augusta, GA | Registered: Apr 2006
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-------------------- I'm a poor redneck trying to make some extra cash. Do your own DD! Posts: 75 | From: Augusta, GA | Registered: Apr 2006
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-------------------- I'm a poor redneck trying to make some extra cash. Do your own DD! Posts: 75 | From: Augusta, GA | Registered: Apr 2006
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-------------------- I'm a poor redneck trying to make some extra cash. Do your own DD! Posts: 75 | From: Augusta, GA | Registered: Apr 2006
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i dont know who would be selling here cause anyone who would be selling here would be taking a loss and the news out is good...so this doesnt make sence the voluem is there and so are the buys...this may be the mms messing up.....i still think we go up
-------------------- please dont trade stocks on my alerts, do your dd first. Posts: 5265 | From: Alberta | Registered: Jan 2006
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-------------------- I'm a poor redneck trying to make some extra cash. Do your own DD! Posts: 75 | From: Augusta, GA | Registered: Apr 2006
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