QUITO, Ecuador, Feb. 25, 2009 (GLOBE NEWSWIRE) -- Eduardo Munoz, Vice President of Quri Resources, Inc. (Pink Sheets:QURI), announced today that Quri Resources, Inc. has signed a Letter of Intent with G&G Mining, Corp., an affiliate mining company with properties in Ecuador, Arizona and Argentina.
The terms of the Letter of Intent gives Quri Resources, Inc. the option to acquire G&G's gold and copper properties. Mr. Munoz stated, "I think we are all excited that we have reached an understanding with the Board of Directors and management of G&G Mining. This agreement allows us to explore and verify the assets in G&G specifically their gold mining projects in the U.S and Ecuador, which will further expand our reach in these areas. We have close ties with G&G Mining and it makes perfect business sense to combine our business, management and strategies. The management of Quri Resources, Inc. and G&G Mining, Corp. have been involved in the South American mining industry for decades, specifically Ecuador. While Ecuador has attracted major international mining companies such as Aurelian Resources (TSX:ARU), recently acquired by Kinross Gold (NYSE:KGC), Dynasty Mining & Metals (TSX:DMM), Corriente Resources (NYSE:ETQ), among others, we have the advantage of being home grown as most of our management, major shareholders and exploration teams are from the zone."
"Also, G&G Mining, Corp. has some very strong ties in Argentina and Mexico and its my understanding that their options on important gold properties in these countries will be transferred to Quri Resources, once we sign a definitive agreement. We foresee reaching a final agreement within the next 3 to 6 months after our exploratory verification is complete," added Mr. Munoz.
Quri Resources, Inc. is a U.S-based junior mining company with properties in various stages of exploration in Ecuador and the United States.
For more information, contact Eduardo Munoz: Ed@quriresources.net or log on to http://www.quriresources.net
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Some of the statements contained herein may be forward-looking statements, which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward-looking statements that involve various degrees of risk. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital.