DUCP News .10 Gold Project with Sixteen to Eigh
Post# of 145149
DUCP News .10
Gold Project with Sixteen to Eighteen Million Ounce Resource in Queensland, Australia to be acquired by Daulton Capital Corp. (OTCBB: DUCP)
2012-05-29 10:14 ET - News Release
NEW YORK, May 29, 2012 /PRNewswire/ -- Daulton Capital Corp. (OTCBB: DUCP), a gold and precious metals exploration company, is pleased to announce that is has entered into an agreement to acquire Grimsby Investments Limited and its subsidiaries including two Australian Companies engaged in a Gold mining project known as the ARX Springs Gold project, located in the Wide Bay Burnett Region of Queensland, Australia.
The agreement provides for the company to acquire Grimsby Investments Limited from its shareholders together with its Singapore company ARX Springs Pte Ltd and the two Australian subsidiaries that hold the gold project known as ARX Springs in exchange for $4,298 billion in consideration, to be satisfied by the issue of 4.148 billion in restricted common stock, $75 million in non-convertible preferred share series with 5 votes per share and $75 million in a ten year non-convertible promissory note issued in favor of shareholders of Grimsby Investments Limited.
The ARX Springs Gold property is located at Coonambula near Eidsvold in Queensland, Australia, and has gold resources estimated at between 16,000,000 to 18,000,000 (Sixteen to Eighteen Million) ounces of gold and estimated to generated a cash flow of $22 billion over the planned 20 year life of the mine based on current gold prices. Queensland, Australia is well known to be a prolific gold producing State since the 1867 Australian gold rush, several major gold producing companies including BHP, Glencore Xstrata, Rio Tinto, Barrick Gold and Anglo American have been active in the State of Queensland and the area where the ARX Springs gold project is located has an extensive history of gold finds going back to early 1888 in the nearby St Johns Creek gold fields.
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