Strategic Mining Corporation today announced it has acquired 51 percent of the Nat Son gold property in northern Vietnam from its joint venture partner Ba Dinh Minerals JSC, a Vietnamese mining company.
Under the terms of the agreement, Strategic Mining has the option to increase its ownership to as much as 90 percent, the maximum foreign ownership level allowed under Vietnamese law. The company intends to move ahead immediately with exploration and development.
“We’re thrilled to have completed the acquisition of Nat Son, which we believe represents a great opportunity for our shareholders,” said Strategic Mining President Todd Sterck. “This property was extensively explored by French miners, who initiated small-scale gold mining before being expelled from the country in the mid-1950s. It has lain dormant ever since, and now we have the opportunity to resume mining operations with the advantages of modern mechanization and advanced ore-processing methods.”
Nat Son is located in Hoa Binh province, about 50 kilometers south west of Hanoi in the center of the gold-rich Kim Boi deposit.
Prior to completing the acquisition, Strategic Mining commissioned a detailed geological report of the Nat Son property by consulting geologist Bob Marvin. Four zones of gold mineralization were identified, and 140 rock-chip samples were collected and tested over a strike length of four kilometres. Based on the positive results of the field study, the geologist recommended a drill program for 13 core holes to help determine the gold potential of the property.
Additionally, the company has received assay reports from three independent labs, a geochemical survey and a NI 43-101 report that indicated Nat Son was a “Property of Merit.”
About Strategic Mining Corporation
Strategic Mining Corporation (strategicminingcorp.com) is engaged in the exploration and development of gold properties in Viet Nam, the U.S. and Africa. The company holds the only gold mining license in northern Vietnam. Strategic Mining intends to expand by acquiring mineral rights to key properties and initiating strategic joint ventures. As previously stated in a company press release, Strategic Mining has filed to move to the OTCBB.
No assurance can be given that past or similar results of precious metal mining will be indicative of future results. This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (The “Act”). In particular, when used in the preceding of discussion, the words “pleased,” “plan,” “confident that,” “believe,” “expect,” or “intent to” and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, general acceptance of the company’s products and technologies, competitive factors, the ability to successfully complete additional financings and other risks in the company’s SEC reports and filings.