SGGV News .09 Sterling Receives Repayment For DXC
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SGGV News .09 Sterling Receives Repayment For DXC Salt Lake Lithium Project
2012-06-26 09:20 ET - News Release
VANCOUVER, British Columbia, June 26, 2012 /PRNewswire/ -- Sterling Group Ventures, Inc. (OTCQB Symbol: SGGV; Frankfurt Symbol: GD7) (the "Company") is pleased to advise that it has received repayment of its investment in the DXC Salt Lake Lithium Project from Tibet Sunrise Mining Development Ltd. on behalf of Beijing Mianping Salt Lake Research Institute in the amount of 10,000,000 Yuan (approximately $1,573,000) including a penalty pursuant to an amending agreement whereunder all of its interest in the DXC Salt Lake Project was quitclaimed and disposed of in return for the above mentioned repayment. These funds will be used for working capital and for the development of production on the Company's Gaoping Phosphate Project in Chenxi County, Hunan Province, China. A collection fee of 7% of the monies realized will be payable to Beijing Songshi Century Science and Technology Development Ltd. who acted as a collection agent to recover the funds and penalty from the debtor.
Sterling Group Ventures, Inc.
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