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Dutch Gold Resources Announces Strategic Acquisition
(Marketwire Via Acquire Media NewsEdge) ATLANTA, GA, October 2 / MARKET WIRE/ --
Dutch Gold Resources, Inc. (PINKSHEETS: DGRI)
(the "Company"), a developer and operator of proven gold mines and a
regional mill in North America, today announced that it has entered in a
Memorandum of Understanding to merge with Aultra Gold Resources, Inc.
(OTCBB: AGDI), a junior gold mining and exploration company with properties
in Montana and Nevada.
Dan Hollis, Chief Executive Officer of Dutch Gold Resources, stated, "We
are excited about the projects that Aultra brings, but are equally
enthusiastic about the background of its management team. In addition to
the extensive assets we plan to acquire, we are excited to welcome Rauno
Perttu to our senior management team. Rauno brings over 40 years of mining
and exploration expertise, having worked both with large companies like
Kennecott and successful entrepreneurial endeavors. Rauno also brings
experience in the specific geology of Oregon, and will act as the Senior
Geologist for all of our properties following the merger."
Mr. Perttu is a registered engineering geologist. In his 40 years of
experience, he has worked internationally in all phases of minerals and
metals exploration, evaluation, and development. He has worked with and
managed projects and programs from the initial conceptual stage, through
acquisition, discovery, and development. His career has included positions
with Pacific Power & Light, Gulf Minerals, and Kennecott, where he was Coal
Manager and Director of Business Development. He has consulted on and
directed exploration and evaluation programs in North and South America and
Australia. These programs primarily involved gold, molybdenum, coal,
uranium, geothermal energy and industrial minerals.
As President of Aultra Gold, he acquired one of his discoveries, the Basin
Gulch gold property in Granite County, Montana, and a newly recognized gold
target at Jungo, in Humboldt County, Nevada.
The Basin Gulch property represents a large gold system on which, to date,
323 drill holes and 17,000 feet of trenching have been completed. The gold
system is associated with a large mineralized diatreme complex that remains
unexplored at depth.
At Jungo, Aultra has identified strong gold mineralization over a strike
length of approximately 2,000 feet. Aultra believes that the
mineralization represents the shallow portion of a hot springs associated
gold vein system that appears to extend under cover beyond its currently
identified extent. Aultra has conducted preliminary limited trenching on
the system, and has permitted a series of drill holes.
Commented R. Perttu, "This merger will combine the resources of two
exciting gold mining and exploration companies, and we look forward to
benefiting from the financial and operational skills and proven experience
of Dan Hollis. We believe that there are going to be exceptional
opportunities in the near term to acquire projects that bring value to our
combined stakeholders. This transaction should be positive for the
shareholders of both companies."
Mr. Hollis noted, "This combination meets the three main strategic
initiatives for Dutch Mining: attract highly experienced industry
executives to build out our core management team; begin to develop a
portfolio of projects that that can either be rapidly developed to
production or have significant potential, in industry-friendly states; and
provide opportunities to leverage our existing resources."
Final terms and conditions are subject to due diligence and approval by the
Boards of Directors of each company. The final Share Exchange Agreement
will be drawn upon completion of due diligence, and regulatory approvals as
required. Closing is anticipated by year-end 2008.
About Dutch Gold Resources, Inc.
In January 2007, Dutch Gold Resources, Inc. acquired Dutch Mining LLC,
which was founded in 1994. Dutch Gold is engaged in the mining and
processing of proven gold reserves in North America. The company's strategy
is to focus on overlooked resources that can be quickly and
cost-efficiently brought into production. The Company currently owns two
mines in Southwestern Oregon, consisting of the Benton and Gold Bug mines.
Production resumed in March 2007 and the Company has begun a drilling
program to prove up additional reserves and enhance future production.
Please visit the Company's website for additional information at:
www.dutchgoldresources.com.
Certain statements in this release, and other written or oral statements
made by the company, including the use of the words "expect," "anticipate,"
"estimate," "project," "forecast," "outlook," "target," "objective,"
"plan," "goal," "pursue," "on track," and similar expressions, are
"forward-looking statements" and are subject to known and unknown risks,
uncertainties and other factors that may cause actual results, performance,
or achievements of the company to be different from those expressed or
implied. The company assumes no obligation and does not intend to update
these forward-looking statements.
Contact:
David K. Waldman / Klea K. Theoharis
Crescendo Communications, LLC
(212) 671-1020
Copyright ? 2008 Marketwire
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