Business & Finance
Business and Finance
Business and Finance
Wed, January 14, 2009 Arctic Oil & Gas Corp.: Arctic Oil and Gas Provides Update on Gold Projects
LAS VEGAS, NV--(Marketwire - January 14, 2009) - Arctic Oil and Gas Corp. (the "Company") (
The company and its RE-Shell Concha Holdings JV partners have been meeting with qualified investors in regards to financing its Nome offshore and onshore Bear Creek placer gold projects, and are looking to secure financing shortly. All financial commitments and details will be released in an 8-K filing with the SEC in accordance with the company's plans to be fully reporting within the coming weeks.
The company has made an application with the Nevada Secretary of State to initiate a name change to reflect its current and future business model. Once the new company name is approved, the company will immediately apply for a new trading symbol with the NASD.
Despite the tight financial situation in capital markets, investor interest in funding large scale gold projects appears strong. The company noted that NovaGold Corp has recently raised $75 million to bring its Nome onshore gold mine into production. This is positive news for the sector and the Alaskan region where other gold mining companies such as Barrick Gold Corp and Kinross Gold Corp operate successful mining operations.
About Arctic Oil and Gas
Arctic Oil and Gas Inc. is focusing on developing its gold resources by pooling its Norton Sound OCS applications of which it is an 80% equity partner into the new 50%-50% profit-sharing joint venture with the RE-Shell Concha Holdings group, a long-established gold dredging-engineering group, whose principals have produced millions of ounces of gold utilizing suction-cutter ocean going dredges of their own design. The drill samples taken by Westgold and others estimated a total gold resource of approximately 3.3 million ounces in the Nome offshore placers within the tested portion of the auriferous State waters placer area partially covered by the JV leases.
The JV partners intend to finance and develop two or more large-scale placer mines starting on the JV granted State leases, commencing gold production in 2009-2010.
Additional placer gold prospects are being sought in warmer Pacific regions accessible by sea, in order to utilize the planned offshore gold dredges during the Alaska winter months when ice prevents mining operations.
This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Actual results may differ from management's expectations. These forward-looking statements involve risks and uncertainties that include, among others, risks associated with resource exploration risks related to competition, management of growth, new products, services and technologies, potential fluctuations in operating results, international expansion, commercial agreements, acquisitions and strategic transactions, government regulation and taxation. More information about factors that potentially could affect AOAG's financial results is included in its filings with the Securities and Exchange Commission.
