DENVER, Sept. 29 /PRNewswire-FirstCall/ -- Supatcha
Resources Inc. (OTC Bulletin Board: SAEI) ("Supatcha" or the
"Company") announces today it has signed a definitive agreement to
acquire a 98% interest in the Maiskoe Gold licenses in Odessa
Oblast, Savaransky District, Southern
Ukraine.
Supatcha will pay the owners of the property a total of
US$3,500,000 and will own 98% of the
mine (including all of the capital equipment) and the mineral
concessions. Supatcha has also agreed to invest a further
US$2,800,000 in expanding the current
operation over the next year. Prior to the acquisition, the
Company already had several preliminary funding commitments based
on the strong merits and history of the concessions.
The property was explored previously by a number of companies
and previous drilling indicated geology finds that are favorable
for a potential large Gold deposit. The initial drilling done in
1999 indicated gold mineralization in a number of drill holes.
Further in 2001, a magnetic/electromagnetic geophysical airborne
survey was also conducted over the property and identified several
major mineralization areas of interest. Supatcha management
has carefully procured significant relationships in the property
area, over the last several years, to bring the necessary parties
together to successfully continue the development of this high
potential gold property and facility. Additionally, the
property development plan completed on the Maiskoe as part of the
due diligence process has recommended that a drill program for a
total of 2000 meters be undertaken. Supatcha has committed to
complete the recommended drill program and is currently in
discussions to confirm equipment mobilization and drilling
dates.
About Supatcha Resources Inc. (OTCBB: SAEI)
Supatcha Resources Inc. is a gold exploration company focused on
acquiring and developing mineral properties in Ukraine. Supatcha is in the final stages of
acquiring two additional gold mining projects, with world-class
potential, in southwestern Ukraine.
Notice Regarding Forward Looking Statements
This news release contains "forward-looking statements", as that
term is defined in Section 27A of the United States Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
Statements in this press release which are not purely historical
are forward-looking statements and include any statements regarding
beliefs, plans, expectations or intentions regarding the future.
Actual results could differ from those projected in any
forward-looking statements due to numerous factors. Such factors
include, among others, the inherent uncertainties associated with
mineral exploration. We are not in control of metals prices and
these could vary to make development uneconomic. These
forward-looking statements are made as of the date of this news
release, and we assume no obligation to update the forward-looking
statements, or to update the reasons why actual results could
differ from those projected in the forward-looking statements.
Although we believe that the beliefs, plans, expectations and
intentions contained in this press release are reasonable, there
can be no assurance that such beliefs, plans, expectations or
intentions will prove to be accurate. Investors should consult all
of the information set forth herein and should also refer to the
risk factors disclosure outlined in our annual report on Form
10-KSB for the last reported fiscal year, our quarterly reports on
Form 10-QSB and other periodic reports filed from time-to-time with
the Securities and Exchange Commission.
SOURCE Supatcha Resources Inc.
Copyright . 29 PR Newswire