QUITO, Ecuador, April 20, 2009 (GLOBE NEWSWIRE) -- Quri Resources, Inc.(Pink Sheets:QURI) entered into a Letter of Intent with G&G Mining Corp., granting Quri Resources the option to acquire The Conquista Project in Ecuador.
Quri Resources, Inc. plans to acquire 100% interest in the Conquista Gold mines. This property is located 150 kilometers northwest of Quito. Access to the concession is via paved roads maintained by the municipality of Pichincha. Conquista has 2 working mines, the Santa Teresa and Palanzuro. Free gold can be observed, and concentrations of up to 15 grams per ton are present. Past production in addition to continued sampling have shown probable gold deposits exceeding management's original expectations. It is the intention of the company to begin production within 18 months after acquiring the Project.
Eduardo Munoz, VP of Quri Resources, Inc., stated, "Following our diversification strategy, this is an important step towards fulfilling our growth expectations in South America. We have a very good relationship with G&G Mining, and this letter of intent to acquire Conquista puts us closer to our transformation to a producing gold company from a junior-exploration company."
For more information, contact info@quriresources.net.
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.