Stocks to Watch: VIPR Industries Inc. (PINKSHEETS: VIPR), Seabridge Gold (AMEX: SA), Tanzanian Royalty Exploration Corporation (AMEX: TRE), Western Goldfields Inc. (AMEX: WGW), Great Basin Gold Ltd. (AMEX: GBN)
Featured Stock: VIPR Industries Inc.
(PINKSHEETS: VIPR)
Current Price (0.55)
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VIPR Industries Closes Acquisition of Singida Gold Property Adjacent to Project with 543,000 Oz Indicated Gold Resource Valued at $500 Million
TORONTO, ONTARIO-- July 28, 2008 – VIPR Industries Inc. (VIPR.PK – News) (“VIPR”) has completed its acquisition of the highly prospective Singida Gold Property in Tanzania’s Singida Gold Belt. VIPR’s Singida Gold Property is located directly adjacent to and along strike from Shanta Gold Limited’s Singida Project where exploration drilling has identified an indicated resource of 543,000 ounces of gold worth an estimated $500 million at current gold prices.
Several highly positive factors indicate that VIPR’s Singida Gold Property has the potential to host gold mineralization similar to that discovered by neighboring Shanta Gold. VIPR’s concessions lie directly adjacent to the Shanta Gold Deposit in the Singida Gold Belt. According to year-end results reported April 23, 2008 by Shanta Gold, Shanta is focused on exploiting its discovery of a major greenstone belt in the Singida project area. Shanta reports a gold resource on its property estimated in excess of 543,000 ounces, of which 330,000 ounces are classified as measured and 127,000 ounces are classified as an indicated resource (at a 0g/t cutoff). The average grade is estimated at 1.42g/t with a cost of exploration of around $26 per resource ounce, according to the company.
Shanta’s indicated gold resource, an estimated in-place mineral resource for which quantity and/or grade are calculated with a degree of assurance less than that for “proven” (measured) reserves, is valued at more than $500 million.
Third-party aerial magnetic surveys conducted on VIPR’s Singida Gold Property appear to highlight possible gold anomaly hot zones and drill targets. The survey data is being utilized in VIPR’s Phase I Exploration Program. Another positive indicator of the Singida Gold Property’s potential is its local artisan mining activity. Small-scale operations by artisan miners indicate ore grade gold mineralization on the surface.
VIPR’s Singida concessions have been upgraded from prospecting licenses to mining licenses, enabling the Company to fast-track the production of potential resources while reducing time and expense. In addition VIPR believes its property shares similar geological features with the Shanta project that could make it amenable to reduced-cost open pit mining.
Michael Gerstner, President and CEO of VIPR Industries, commented: “Completing the acquisition of a prospect with the quality and potential of our Singida Gold Property is a major accomplishment. At VIPR Industries we are eager to move forward with our efforts to discover and prove up a potentially significant economic resource base like Shanta Gold’s 543,000 ounce gold deposit, which was discovered along strike from our Singida Gold concessions.”
Mr. Gerstner continued, “We are preparing a detailed exploration plan and budget to best explore and develop the property and are in discussions with potential investors and partners.”
Two of the three largest gold producers in the world are active in Tanzania. Barrick Gold operates three mines and advanced projects with reserves of more than 19.2 million ounces. Anglogold Ashanti produced 327,000 ounces from its Geita mine in 2007. Last year MDN Inc.’s production total from its Tulawaka Gold Mine reached 443,883 ounces. Tanzania has become one of Africa’s fastest-emerging gold producers and now ranks third in the continent for gold production. The country has a stable government, growing economy and favorable investment policies. Tanzania achieved real GDP growth of nearly 7% in 2007, with mineral production playing a significant role.
VIPR acquired the Singida Gold Property as an asset purchase for 5,543,000 pre-split restricted shares from Kinti Group Inc., a Toronto, Ontario, and Tanzania-based private company. Kinti Group has a portfolio of quality assets and expertise that VIPR can leverage. The Singida Gold Property concessions are currently undergoing the formal title change process at Tanzania’s Ministry of Energy and Minerals.
About VIPR Industries Inc.
VIPR Industries Inc. is acquiring and exploring high quality mineral properties, focusing on Tanzania’s rich but under-explored gold and uranium resources. Based in Toronto, VIPR is working to develop two gold and uranium prospects with excellent potential for significant discovery and production.
Cautionary "Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995. Some of the information included in this press release and other documents by VIPR Industries Inc. (as well as information included in statements made by its representatives, about information about the business it is engaged in or proposes to engage in or about acquisitions) may contain forward looking statements. Forward looking statements do not relate strictly to historical or current facts, often will be phrased in the future tense and may include the words "may," "could," "should," "would," "believe," "expect," "anticipate," "estimate," "intend," "plan" or other words or expressions of similar meaning. Forward looking statements that relate to VIPR Industries Inc. ("VIPR") or its present or proposed business are based on VIPR's current beliefs and expectations about future events and include statements that reflect management's beliefs, plans, objectives, goals, expectations, anticipations and intentions with respect to VIPR's financial condition, results of operations, future performance and business, including statements relating to VIPR's business strategy and VIPR Industries current and future development plans. Factors that could cause actual results to differ materially from projections include, among others, precious metals prices, decisions and activities of the operator of the various properties, unanticipated grade, geological, metallurgical, processing or other problems the operator may encounter, changes in project parameters as plans continue to be refined, economic and market conditions, as well as other factors described elsewhere in this press release or any other filings submitted by VIPR. In addition, acquired royalty interests on certain projects are subject to risks associated with conducting business in a foreign country, including application of foreign laws to contract and other disputes, foreign environmental laws and enforcement and uncertain political and economic environments. Most of these factors are beyond the Company's ability to predict or control. The Company disclaims any obligation to update any forward-looking statement made herein. Readers are cautioned not to put undue reliance on forward-looking statements.
For more information please visit http://www.viprindustries.com/
Contact:
VIPR Industries Inc.
Investor Relations
Tel: (416)644-8648
Email: info@viprindustries.com
Source: VIPR Industries Inc.
For an in-depth coverage on VIPR Industries Inc., please visit: http://www.WallStreetStockReview.com
Other Stock To Watch In The News: Seabridge Gold (AMEX: SA) closed last week at (19.85) up 3.28%, Tanzanian Royalty Exploration Corporation (AMEX: TRE) closed last week at (4.75) up 2.15%, Western Goldfields Inc. (AMEX: WGW) closed last week at (2.07) down 1.43%, Great Basin Gold Ltd. (AMEX: GBN) closed last week at (3.56) up 0.85%
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