CHEYENNE, Wyo., April 17, 2012 (GLOBE NEWSWIRE) -- Strategic Mining Corp (OTCBB:SMNG) announced today that the Company has received official notice from the Guinea government for renewal of the Company's exploration license for the Siguiri property. As announced in a press release dated March 29, 2012, this official notice was anticipated based on advance information from Strategic Mining's joint venture partner in Guinea. 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.
The Siguiri project is 100% owned by the Company under the terms of the joint venture agreement. Now that official confirmation of the license has been received, Strategic Mining is pursuing financing for operations on the Siguiri project in order to advance the placer and in-situ gold deposits so that full field work can be restarted in the first half of 2012. Appropriate equipment and personnel are being identified for this purpose. Necessary infrastructure for new and expanded operations within the Siguiri property also is being investigated to determine timing for its development and associated costs.
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.
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