Business & Finance
Business and Finance
Business and Finance
Tue, January 27, 2009 Arctic Oil & Gas Corp.: Arctic Oil and Gas Corp. Completes Name Change to Placer Gold Corp.
LAS VEGAS, NV--(Marketwire - January 27, 2009) - Arctic Oil and Gas Corp. (
Management, along with the company's joint-venture partners, will meet with a number of investment bankers in Zurich later this week who have expressed strong interest in funding the company's Norton Sound and Onshore Nome Placer Gold Projects.
CEO Peter Sterling commented, "In light of the encouraging drill sample results combined with the increasing market demand for gold, our company is increasingly well-positioned to move forward with its plans of becoming a profitable gold producer over the near term. We executed this name change to ensure that our shareholders and partners know that we are fully committed to developing our gold resources."
About Placer Gold Corp.
Placer Gold Corp. 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.
See the historical Nome drill sample data in a report published here:
[ http://www.scribd.com/doc/10120873/Nome-Offshore-Placer-Drill-Data ].
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 Pacific regions accessible by sea, in order to utilize the planned offshore gold dredges during the Alaska winter months when ice prevents mining operations.
Please visit [ www.arcticoag.com ]
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 Placer Gold Corp.'s financial results is included in its filings with the Securities and Exchange Commission.
