AUMY News Auric Mining Looks to Increase Acquisition Initiatives: IMF Reports Central Banks to Buy 700 tonnes in 2012
2012-04-26 09:47 ET - News Release
WILMINGTON, Del., April 26, 2012 /PRNewswire/ -- Auric Mining Company (OTC: AUMY) announced today that it has significantly increased its Acquisition Initiative and taken steps to increase its $20m Financial Guarantee based on the latest International Monetary Fund (IMF) statistics.
According to the latest IMF statistics at least 12 countries are known to have increased their gold reserves in March indicating the continuation of a trend now going back more than two years, and one which has been on its own a substantial supporter of the higher gold prices seen over the period. Overall Central Banks appear to have purchased no less than 58 tonnes in the month, which could suggest an acceleration in their increases in holdings if buying at this rate continues throughout the year.
Bloomberg quotes Bayram Dincer, an analyst at LGT Capital Management in Pfaeffikon, Switzerland: "We expect that the recent trend of the official sector being a net buyer will continue in the medium and long term. Gold will continue to be a preferred central bank reserve asset. It is currency protection and stabilization."
The Company had previously announced its Acquisition Initiative has significantly advanced and the Company is pursuing various gold mining properties that would add in excess of $100,000,000 in potential revenues supported by a $20m Financial Guarantee provided by its Financial Banker partners.
The Company expects the confidentiality restrictions currently in place with the targeted acquisitions and/or partnerships will be lifted as the due diligence process is completed and will then be in a position to announce completion of specific acquisitions and/or partnerships that are currently in progress. Additionally, the Company will be announcing additional projected acquisition and partnerships shortly and a projected increase in its $20m Financial Guarantee.
