Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
VANCOUVER, BRITISH COLUMBIA–(Marketwire – Oct. 17, 2011) – Huakan International Mining Inc. (TSX VENTURE:HK) (the “Company”) reports that the deadline for closing of the sale of its Greenwood Gold project assets to Gold Crown LLC has been extended to October 21, 2011. In exchange for granting Gold Crown the extension, Gold Crown has agreed to pay the Company on closing an additional $200,000 subsequent to October 14, 2011, which is in addition to the extension payments of $275,000, $300,000, $800,000 and $500,000 announced on August 5, August 23, September 12, and September 30, 2011, respectively. If the sale does not close by October 21, 2011, Gold Crown has agreed to forfeit a total of $1,950,000 that will have been delivered to the Company as a deposit.
