AMERICAN GLOBAL GOLD CORPORATION ANNOUNCES RESTRUCTURING OF LICHKVAZ
GOLD JV IN ARMENIA
Yerevan, January 19. ArmInfo. The American Global Gold Corporation
Wednesday announced the restructuring of its 20% joint venture
interest in the Lichkvaz Gold Project in southern Armenia with Iberian
Resources Limited of Australia, the GGC’s report runs.
According to the source, during 2005, Global Gold joint ventured the
Lichkvaz Gold Project with Iberian Resources to focus efforts within
the North Central Armenian mineralized belt and other projects.
Iberian Resources now has 100% ownership of the Lichkvaz Gold Project,
and Global Gold retains the following: 5 mln fully paid shares in
Iberian Resources, restricted for one year; a onetime 1 mln USD
payment from Iberian Resources; the right to participate up to 20% in
any other projects undertaken by Iberian Resources or its affiliates
in Armenia.
If shares in Iberian Resources trade below Australian Dollars 0.50 for
any consecutive period of 30 trading days during the escrow period,
Iberian Resources shall issue an additional 2.5 mln fully paid shares
in Iberian Resources to the Company.
To note, Global Gold has focused its activities in Armenia at
Tukhmanuk, Hankavan and surrounding areas in the North Central
Armenian belt. Global Gold is also conducting exploration at its
Marjan and Getik properties, and has a twenty percent participation
right in any new exploration undertaken in Armenia by Sterlite Gold
Limited or its successors.
From: Emil Lazarian | Ararat NewsPress
