Miramonte Mining AG purchase Nicaragua Gold S.A. for US$ 8.5 million
Zürich (euro adhoc) -
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capital investment/merger, acquisition and takeover/shares/stock market
December 27th 2007. Miramonte Mining (ISIN CH0028351796 / WKN A0MMH6) today announced the signing of a sales agreement to purchase the Nicaragua Gold S.A. located in Managua, Nicaragua. The net value for 100% of the shares is US$ 8.5 million. The acquisition will be paid US$ 3.5 million in cash and US$ 5 million in common stocks of Miramonte Mining at a price of 0.70 Euros per share.
"The acquisition of Nicaragua Gold S.A. increases our portfolio of concession areas also outside of Ecuador", comments Lary Williams, CEO of Miramonte Mining AG. "The underlying share price of 0.70 Euros per Miramonte Mining share shows the substance of our company", adds Lary Williams.
The Nicaragua Gold S.A. was founded in 2006. The company owns the concession for a 300 square metres procession area in the gold region of Santa Domingo in Nicaragua. After the takeover, Miramonte Mining will upgrade and enhance the processing plant of the gold mine. "We assume that we could mine 400 tons of ore per day in Santa Domingo by the end of 2008", says Lary Williams.
In the existing plant of Portovelo/Zaruma in Ecuador, Miramonte Mining is in the process of upgrading the production capacity of 100 tons of ore per day.
About Miramonte Mining AG Miramonte Mining AG is a small cap gold mining company with increasing portfolio of projects in Ecuador. The head office of the company is located in Zürich, Switzerland. The stocks of Miramonte Mining are listed in the Open Market in Frankfurt (ISIN CH0028351796 / WKN A0MMH6)
end of announcement euro adhoc
Further inquiry note:
Contact
Miramonte Mining AG trio-financial relations AG
Tel +41 (0)43 500 16 23 Michael Goliath
Fax +41 (0)43 500 16 24 Tel +49 (0)69 95 90 83 12
E-Mail: investors@miramontemining.com Fax +49 (0)69 95 90 83 99
www.miramontemining.com E-Mail: m.goliath@financial-
relations.de
Branche: Metals & Minerals
ISIN: CH0028351796
WKN: A0MMH6
Börsen: Börse Frankfurt / Open Market / Entry Standard