NEW YORK, June 13, 2005 (PRIMEZONE) -- Bancorp International Group Inc. (Pink Sheets:BCIT) (BCIT) ("Bancorp") is pleased to announce it has entered into an exclusive agreement with CVG (Corporacion Venezuela de Guayana) of the Venezuelan Government to commercially develop gold deposits at a site in the State of Bolivar. This agreement is for concession No. 32. There has already been infrared testing done on the property and Bancorp will be sending down a team of geologists for additional testing. The site is approximately 172 Hectares, and could generate up to 87,000 ounces of gold per year. This concession is in the El Dorado zone which is world famous for its many major discoveries. Venezuela at one time was the world's largest producer of gold.
Based on these estimates with full capacity mining we estimate gross annual revenue of $36,000,000 (thirty six million USD) on the current price of gold on June 10, 2005 of $424 per ounce.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based largely on Bancorp International Group Inc. expectations or forecasts of future events, can be affected by inaccurate assumptions and are subject to various business risks and known and unknown uncertainties, a number of which are beyond the Company's control. Therefore, actual results could be differing materially from the forward-looking statements contained herein. A wide variety of factors could cause or contribute to such differences and could adversely impact revenues, margins, profitability, cash flows and capital needs.