PRZOOM - /newswire/ -
Philadelphia, PA, United States, 2014/07/14 - MIHL’s wholly owned subsidiary, MTG Mining has acquired a controlling interest in Sociedad Minera Baya of Lima Peru (“Minera Baya”). Minera Baya owns and operates a gold mining project known as “El Rincon Prohibodo” - MontagueHolding.com. Pink Sheets: MIHL
Today, Montague International Holding Ltd (MIHL) announced the following to the general investing community.
MIHL’s wholly owned subsidiary, MTG Mining has acquired a controlling interest in Sociedad Minera Baya of Lima Peru (“Minera Baya”). Minera Baya owns and operates a gold mining project known as “El Rincon Prohibodo”.
Study 1 - An independent group of companies specializing in geophysical, geochemical and geological exploration were commissioned to conduct a geological study on the Minera Baya mine. That study, which was only based on 5% of the concession, estimated proven/probable mineral reserves in 4 different veins of 49,280 metric tons of ore with an average of 10.28 grams of gold per metric ton.
Study 2 An independent report compliant with the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (‘the “JORC” Code) revealed in less than 2% of the concession, total gold resource is 30,275 metric tons of ore at an average grade 9.51 grams g/t gold containing 9,259 troy ounces of gold.
Study 3 - A third independent analysis was performed by a Canadian company who analyzed a 20.6 Kg sample of ore from one of the veins at Minera Baya. The final results revealed 80.5 grams of gold per ton of ore. The Canadian company uses a proprietary cyanide-free process for gold extraction. This technique was applied on the sample resulting in an increased extraction yield to 97.6%.
MIHL seeks to raise $1.3 million in order to begin full mining operations at the Minera Baya facility. A minimal investment of $1,000 USD is required. All collected investments will be held in an interest bearing escrow account which will be held by a 3rd party, namely Guarantee International Escrow Inc. Interest will accrue at current market rates. Investments will be collected until the target is reached or until January 2015 whichever comes first. Participants in this offering will receive 1 unit investment which will be in proportion to the funds raised. MIHL will set aside 10% of the mine’s monthly revenues to be distributed to the investing participants in proportion to their unit investment. These revenues will be distributed monthly to the investing participants for the next 10 years or until the mine ceases to produce salable product.
This is not a solicitation to the general investing community. It is a statement of how MIHL seeks to fund and begin its mining operations. As with any investment, the investor is strongly urged to educate themselves as much as possible about the potential risks and to consider all options before making any commitment of capital. This opportunity bears significant risk and there exists the possibility the investor may lose some or all of their invested capital. No assurance is given by MTG Mining, MIHL or Minera Baya that this mine will produce any product or that even if product is produced that it can be sold at prices which will allow for a return of capital to an investor.
About Montague International Holding Ltd
Montague International Holding Ltd (montagueholding.com) MIHL focuses on seeking out, investigating and either acquiring or forming joint ventures with the owners of undervalued, underperforming business assets and companies across multiple sectors and regions. Our goal is to maximize the value of these assets for the benefit of their owners and our shareholders. We provide a wealth of resources and opportunity to these companies to solve their problems and to develop a working business strategy that enables them to maximize performance, enter new markets and cultivate expansion. Montague typically acquires a majority stake in its holdings, formulates a robust business plan, and puts in place the necessary expert management teams to maximize the value of the business for the benefit of all involved.