QUITO, Ecuador, March 16, 2009 (GLOBE NEWSWIRE) -- Quri Resources, Inc. (Pink Sheets:QURI) informed G&G Mining that it will exercise its option to acquire the Oatman Gold Mine in Oatman, Arizona.
Quri Resources, Inc. entered into a Letter of Intent in January of 2009 with G&G Mining Corp., granting Quri Resources the option to acquire G&G properties in the United States and in Ecuador.
Quri Resources, Inc. plans to acquire 100% interest in the Oatman Gold mines. The Oatman Gold Project is comprised of two groups of mining claims in Arizona's premier gold producing district. The Central Claim Block (approximately 1,050 acres) includes the Argo mine located on the Tom Reed vein; and the Southern Claim Block (approximately 2,560 acres) includes numerous mines with a record of past gold production, including the Green Quartz Mine, the Oatman United Mine and the Lazy Boy Mine. Historically this property has yielded over 2,000,000 ounces of gold pre WWII.
Jaime S. Gomez, CEO and President of Quri Resources, Inc. stated, "We have a very good relationship with G&G Mining and informed G&G's management team our intent to exercise our option to acquire the Oatman Mines this month. Based on our diversification strategy, this is quite an important step towards expanding our reach in the United States. We are very proud of our progress as a junior exploration company and expect our transformation to a producing gold company to be complete by mid-year. We have very high growth expectations in South America and now in the United States, with this acquisition."
Agoracom IR
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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.