Mining’s old guard needs strong medicine
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LAS VEGAS, NEVADA–(Marketwire – Oct. 31, 2011) – GolfGear International Inc. (PINK SHEETS:GEAR) announces that it has entered into an agreement to acquire controlling interest in Western Sierra Mining Corp. (PINK SHEETS:WSRA). The acquisition of Western Sierra will provide GEAR with a strategic partner in the precious metals mining industry and will represent a major step forward for GEAR in its strategy of becoming a significant mining and ore processing company.
Western Sierra is a 1903 mining company focusing on exploration, mine development and operations. The Company performs independent and third party mine valuations, mine engineering, NI 43-101 services, investor certifications and contract mining. The Company has over 2,000 shareholders, total assets of $9.3 million, a book value of $7.8 million and $270,000 of cash restricted for mine development. The Company owns numerous mining claims including Gold Crown, Table Mesa, Gold Star, Oro Cache, Eagle and Big Chief. These claims consist of over 1,000 acres and contain total gold mineral resources in excess of $361 million and total silver mineral resources of $29 million. The Company has several mine operating contracts in place.
Dale Geck, President of GolfGear International stated, “The acquisition of Western Sierra will provide GEAR with the opportunity to quickly expand its operations into the precious metals mining industry. We look forward to working with Western Sierra to locate, develop and operate multiple gold and silver mines. Our plans would be to leave current management in place. We anticipate that our acquisition of Western Sierra will be the first of many strategic relationships and acquisitions as we expand our operations in this industry.”
GolfGear International anticipates the agreement will be finalized and completed within the next 2 weeks. GEAR will not be issuing additional stock to complete the transaction.
About GolfGear International Inc.:
GolfGear International, Inc. was originally incorporated in 1996 as a golf equipment company. The Company has recently altered its business strategy to include gold and silver mining, providing financing for gold and silver mining projects, and precious metals processing and refining. The Company has recently announced the execution of a joint venture agreement with Mission Holdings, LLC for placing into production the Silver Cord Mine in Arizona. GolfGear plans to process gold and silver extracted from the Silver Cord utilizing an efficient environmental extraction and refining technology under a licensing agreement with EnviroXtract, Inc. (PINK SHEETS:EVXA). GolfGear anticipates further announcements regarding additional gold and silver mining and processing opportunities to be forthcoming.
Safe Harbor
This press release contains statements that may constitute “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of GolfGear International, Inc., and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
2 Comments
Fang
Mining Equipment manufacturer,Shanghai Shenbang Machinery. http://www.ironorebeneficiationequipment.com
Christian
Very nice NEWS!!!!