PHOENIX, July 29, 2011 (GLOBE NEWSWIRE) -- Continental Resources Group, Inc., (OTCBB:CRGCE) and Sagebrush Gold Ltd., (OTCBB:SAGE) Announced on July 22, 2011, Continental Resources Group, Inc. (the "Company"), Sagebrush Gold Ltd ("Sage") and Continental Resources Acquisition Sub, Inc., Sage's wholly owned subsidiary ("Acquisition Sub"), has completed an asset purchase agreement the ("Agreement") pursuant to which Acquisition Sub purchased substantially all assets of the Company (the "Asset Sale") in consideration for 76,055,214 shares of Sage's common stock (the "Shares") which shall be equal to eight (8) Shares for every ten (10) shares of the Company's common stock. Under the terms of the Agreement, Sage purchased from the Company substantially all of the Company's assets, including, but not limited to, 100% of the outstanding shares of common stock and all outstanding warrants of the Company's wholly-owned subsidiaries (CPX Uranium, Inc., Green Energy Fields, Inc., and ND Energy, Inc.). The acquired assets include approximately $13 million of cash.
Sagebrush Gold is a gold exploration company located in, "the heart of gold country," Nevada. With current projects and recent acquisitions, Sagebrush is positioned to be a near term producer of gold.
Continental Resources Group's President and CEO Joshua Bleak stated, "Combining with Sagebrush provides great value for our shareholders via entrance into the gold market. This action advances our endeavors to provide shareholder value and strengthen the company's resource portfolio. Through this consolidation we are gaining participation in one of the hottest gold markets in history where gold is currently over $1600 per ounce, while maintaining our uranium assets."
Sagebrush's Co- Chairman Barry Honig added, "Combining assets with Continental Resources Group creates an incredible opportunity for Sagebrush to diversify its resource portfolio. This truly gives us the ability to take advantage of opportunities that might arise in the near future."
About Continental Resources Group, Inc.
Continental Resources Group (CRG) is a resource company focused on exploring and developing the natural energy resources of the United States. CRG has one of the most prolific mining databases for energy related projects within the United States. Utilizing this database, CRG will target and acquire projects with previous production and/or exploration and work towards fully developing those projects to drive revenues and build core reserves.
About Sagebrush Gold, Ltd.
Sagebrush Gold, Ltd. is a junior gold exploration company focused on searching for world-class resources and seeking out potentially significant gold exploration and development targets in Nevada's leading gold districts.
Safe Harbor Statement
Except for the statements of historical fact contained herein, the information presented in this news release constitutes "forward-looking statements" as such term is used in applicable United States and Canadian laws. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any other statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect," "is expected," "anticipates" or "does not anticipate," "plans," "estimates" or "intends," or stating that certain actions, events or results "may," "could," "would," "might" or "will" be taken, occur or be achieved) are not statements of historical fact and should be viewed as "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the actual results of exploration activities, variations in the underlying assumptions associated with the estimation or realization of mineral resources, the availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares, accidents, labour disputes and other risks of the mining industry including, without limitation, those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, title disputes or claims limitations on insurance coverage. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release.