| |
|
Excalibur Resources Ltd. ("Excalibur" or the "Company') (CSE: XBR)(OTCQX: EXCFF)(FRANKFURT: X9CN) is pleased to announce the acceptance of its non-binding proposal to make a US$5 million purchase of a gold metal stream representing 5% of the annual production of an open pit gold mine in Peru which has averaged 35,000 ounces of gold production annually over the last 4 years. The investment is to be financed by a proposed 5 year debt offering plus warrants to be negotiated. The company also announces a proposed 10 million common share financing at $0.02 for $200,000 for due diligence, marketing and working capital in respect of the proposed transaction.
"After a long period of lack of interest and declining prices in the gold resource sector since the gold price peaked in 2011, it appears we are at the beginning of a new gold cycle, which could lead to record prices in the next 5 years as global gold production declines, while gold demand remains solid due to an uncertain global economic outlook and low or negative interest rates for the foreseeable future. We believe this is an ideal time to be investing in an existing gold cash flow project with a strong growth profile," commented Tim Gallagher, Chairman and CEO of Excalibur.
Excalibur Resources Ltd. is a junior exploration mining company focused on the discovery, development and mining of economically viable precious metal mineral resources.
On behalf of the Board of Directors:
Tim Gallagher, Chairman & CEO
Neither the Canadian National Stock Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Contacts: Excalibur Resources Ltd. 416-925-0090 info@excaliburresources.ca www.excaliburresources.ca
SOURCE: Excalibur Resources Ltd. |
|
