CHEYENNE, Wyo., March 29, 2012 (GLOBE NEWSWIRE) -- Strategic Mining Corp (OTCBB:SMNG) announces today that the Guinea government has approved the renewal of the Company's exploration license for the Siguiri property. The Siguiri property is in northeastern Guinea in the Birimian greenstone belt. The Birimian greenstone belt of West Africa is the base of one of the fastest growing gold production and exploration areas in West Africa. This area of Guinea has had a long history of placer gold mining and prospecting. The Siguiri property has an area of 103 square kilometres and is approximately 500 kilometres from the capital, Conakry. The Company's permit area is located on the northern rim of the world famous Siguiri Basin. The Siguiri gold concession serves as a platform to engage in an under-explored area that has proven geology and production by other adjacent world-class mining companies. The Siguiri Basin boasts several producing gold mines that include Anglo-Ashanti, SEMFRO and Lero as operators.
Strategic Mining's joint venture partner in Guinea has informed the Company that the Guinea government had sent an inspection team to evaluate the status of operations on the Siguiri property within the last two weeks. The government of Guinea was relying on this evaluation to determine whether to approve the issuance of a new exploration license for the Siguiri property. The government reportedly is performing similar evaluations of all mineral concessions in Guinea to determine which licenses will be extended or revoked. We have been advised that the inspection team has reported to the government that they are satisfied with activities on the Siguiri concession and have recommended that the Minister of Mines re-issue our exploration license. The Company is waiting for a copy of the official document to be delivered.
Strategic Mining Corp.'s goal is to become a significant explorer and developer of gold properties in Guinea. It is currently planning more exploration and development programs on its Siguiri property, and intends to continue to expand its property base in Guinea by acquisition and joint venture. More information is available at www.strategicminingcorp.com.
Forward looking statements: No assurance can be given that past or similar results of precious metal mining will be indicative of future results. This news release contains forward-looking statements. In particular, when used in the preceding discussion, the words "pleased," "plan," "confident that," "believe," "expect," or "intent to" and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, general acceptance of the company's products and technologies, competitive factors, the ability to successfully complete additional financings and other risks in the Company's SEC reports and filings.