From the Wires
GoldSands Announces Termination of Mineros SA Agreement
By: Marketwired .
Nov. 7, 2012 12:38 PM
LIMA, PERU -- (Marketwire) -- 11/07/12 -- GoldSands Development Company (OTCBB:GSDC) announces that the agreement signed with Mineros S.A. on January 20, 2012 has been terminated by Mineros SA effective immediately.
The Mineral Right Option and Joint Venture Agreement with Mineros S.A. of Colombia, South America granted Mineros two exclusive options entitling it to acquire up to an eighty-five percent (85%) interest of GoldSands' ownership interest in 49 Mineral Rights Concessions located in Northeast Peru ("Mineral Rights").
Mineros declared that the property does not meet its requirements for the large-scale dredging operation that they were seeking to develop. However they recognize that there may be sufficient gold bearing channels that may be suitable for smaller scale commercial gold production.
Goldsands is now evaluating its options towards continued exploration and potential gold production.
About GoldSands Development Company
The Company's goal is to fully develop its Peruvian GoldSands project. The Company's GoldSands project in Peru consists of options on 461 square kilometers (178 square miles) of mining property, the largest such block in the district. For thousands of years, the waters of the Santiago and the Maranon rivers have been carving their way through the gold-rich mountain canyons of the Andes, carrying off gold and depositing it, as the river comes out into the plain, in the loose gravels and sands - GoldSands - in the area the Company now controls.
Results from test holes drilled during GoldSands' exploratory drill program indicated the presence of alluvial gold in economical quantities. While the Company considers results from the drill programs and test mining production to be favorable, the Company cautions that these results do not indicate the presence of a commercially viable mineral deposit over most of the area and an extensive amount of further exploration and funding is needed to determine the full feasibility of the project.
The Company completed a social baseline study involving a series of meetings with local residents and other stakeholders in the region. The Company intends to work in an equitable, transparent, and socially responsible manner with local communities, suppliers and employees. The Company is committed to acting as stewards of the local and regional ecological systems, behaving in an environmentally responsible way, leaving a minimal "footprint" as a result of our operations. The Company is working towards building trust and sustaining relationships that go well beyond mining operations. The full implementation of these programs will require the Company to secure additional financing.
Further information about GoldSands Development Company may be found at: www.goldsandsco.com.
On behalf of the Board:
Dr. Michael Stocker - CEO
GoldSands Development Company
This release contains forward-looking statements that are based on beliefs of GoldSands Development Company management and reflect GoldSands Development Company's current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities and Exchange Act of 1934, as amended. When we use in this release, the words "estimate," "project," "believe," "anticipate," "intend," "expect," "plan," "predict," "may," "should," "will," "can," the negative of these words , or such other variations thereon, or comparable terminology, are all intended to identify forward looking statements. Such statements reflect the current views of GoldSands Development Company with respect to future events based on currently available information and are subject to numerous assumptions, risks and uncertainties, including but not limited to, risks and uncertainties pertaining to development of mining properties, changes in economic conditions and other risks, uncertainties and factors, which may cause the actual results, performance, or achievement expressed or implied by such forward looking statements to differ materially from the forward looking statements. The information contained in this press release is historical in nature, has not been updated, and is current only to the date shown in this press release. This information may no longer be accurate and therefore you should not rely on the information contained in this press release. To the extent permitted by law, GoldSands Development Company and its employees, agents and consultants exclude all liability for any loss or damage arising from the use of, or reliance on, any such information, whether or not caused by any negligent act or omission.
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