Business & Finance
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Business and Finance
Fri, December 14, 2012 Alternative Energy Partners, Inc. (AEGY) Announces Closing of Acquisition of Gold Mining Mineral Lease Rights;; New Acqu
December 14, 2012 09:00 ET
Alternative Energy Partners, Inc. (AEGY) Announces Closing of Acquisition of Gold Mining Mineral Lease Rights; New Acquisition Agreement
MERRITT ISLAND, FLORIDA--(Marketwire - Dec. 14, 2012) -[ Alternative Energy Partners, Inc. ] (OTCBB:AEGY) announced today that it has completed the acquisition of the mineral lease on 160 acres of land in Safford, AZ., which it intends to develop, mine and extract gold, silver, platinum, palladium and other precious metals from the site, and then refine and sell the resulting metals. An existing independent appraisal of the ore in place on the site is in excess of $600 million. The closing was completed with the assistance of Alexander Capital Equity, Inc., which had obtained contract rights to the mineral lease property earlier this year. As agreed as part of the closing, AEGY will commence the regulatory process of a 1:100 reverse split of its common stock, as previously announced, and an amendment of its Articles to increase the authorized common stock.
AEGY also has agreed to acquire a second property, a deposit of already mined black sand located in New Mexico, which has been independently valued at an estimated $540 million on site. The deposit is in excess of 55,000 tons of materials which are crushed and milled to approximately 200 mesh in size, washed and ready for refining. AEGY intends to transport the deposit for refining and sale.
About Alternative Energy Partners
Alternative Energy Partners is focused on sourcing, marketing and distributing renewable alternative energy solutions on a national and international basis as well as developing and marketing other commodities. Alternative Energy Partners is publically traded on the NASDAQ OTC (OTCBB:AEGY). For more information please visit [ www.aenergypartners.com ].
Safe Harbor Statement
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21 E of the Securities Exchange Act of 1934, as amended. Investors are cautioned that these forward-looking statements involve uncertainties and risk that could cause actual performance and results of operations to differ materially from those anticipated. These risks are set forth in the Company's most recently filed form 10-K and Form 10-Q reports. The Company assumes no obligation to update the statements contained in this release except as required by applicable securities disclosure rules. The Company's SEC filings are available at [ http://www.sec.gov ].
