Catalyst Resource Group to Acquire Gold Concession in Laos
LOS ANGELES, CA and VIENTIANE, LAOS, Feb 29, 2012 (MARKETWIRE via COMTEX) -- Catalyst Resource Group (otcqb:CATA) (pinksheets:CATA), a precious metals recovery and technologies company, today announced that Company has signed a Letter of Intent to acquire an 80% interest in a 68-km2 gold concession in Laos from Laos Minerals Mining, Inc. ( http://www.laosminerals.com ).
According to the signed Letter of Intent, both companies will sign a Definitive Agreement for Catalyst Resource to acquire an 80% interest in a gold concession known as the San 8 and San 60 areas of the Somsanouk Village, Sanakham District, Vientiane Province, Lao People's Democratic Republic, from Laos Minerals Mining, in exchange for five hundred thousand U.S. dollars. Catalyst Resource is committed to providing a minimum of $US 2,000,000 for additional exploratory activities within the next two years. In addition, Laos Minerals Mining is entitled to a Mining Execution Fee of $US 3,000,000, which will be paid from the initial extraction and sale of the minerals from the concession.
Combined exploration activities previously done by Newmont ( www.newmont.com ), BRGM ( www.brgm.fr ) and more recently by Kingsgate Consolidated Ltd. ( www.kingsgate.com.au ) in 2011 have shown reasonable potential of finding minable gold vein deposits aggregating up to several hundred thousand ounces. There also would be the possibility of finding larger bulk minable gold and/or base metal deposits. The Company intends to carry out additional mapping, trenching, sampling and follow-up geophysics to define drill targets and then drilling of targets in collaboration with a joint-operation partner or a select regional mining contractor.
Both companies plan to sign the Definitive Agreement by March 15, 2012.
About Catalyst Resource Group
Catalyst Resource Group is engaged in innovative processing technologies to extract and process gold and platinum group metals such as rhodium, palladium, and platinum. Website: www.cataresource.com
Safe Harbor: This news release contains forward-looking statements that are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of such forward-looking statements. Such forward-looking statements are made based upon management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995.
