Catalyst Resource Group (OTCQB: CATA) (PINKSHEETS: CATA), a company engaged in innovative processing technologies to extract gold and platinum group metals, today announced that Laos Minerals Mining, Inc. and the Company have mutually agreed to terminate the Asset Purchase Agreement dated March 3, 2012 with respect to the gold concessions in Sanakham District, Vientiane Province, Lao People's Democratic Republic due to technicality reasons.

Both companies have diligently reviewed the circumstances and new developments related to this transaction and decided that it is in the best mutual interests to rescind the agreement in its entirety. In the meantime, the Company has been working with investor groups to close the initial funding tranche in order to begin producing concentrates of gold and platinum group metals using the Company's proprietary processing technologies as well as negotiating with other potential acquisition targets in the area of precious metals.

On a separate note, the Company has recently appointed Dave Banerjee CPA to be the new independent auditor for the Company. Due to the change of auditors, the Company has experienced a delay in the filing of its 10-K report for the fiscal year ended December 31, 2011 but will endeavor to submit this report with the Securities and Exchange Commission as soon as possible.

The Company will hold a conference call at 04:30 P.M. EDT on Friday, April 20, 2012. To participate in this conference call, dial +1-605-475-4700, access code 597644#.

(0)

(0)

Scroll down for more posts ▼

Investors Hangout

Whats Hot