Auric Mining Increases Revenue Projections and Asset Valuations: 2012 Q1 Gold Demand Value 116% and Average Price 122% of 2011
Increased Demand in China, Continued Central Bank Purchasing and Inflows into ETFs.
WILMINGTON, Del., Aug. 2, 2012 /PRNewswire/ -- Auric Mining Company (PINKSHEETS: AUMY) announced today that it has revised upward its revenue projections and asset valuations based on the on the World Gold Council's (WGC) Gold Demand Trends report for Q1 2012.
The WGC's respected Gold Demands Trends report recently published for Q1 2012, reported a 16% increase year on year to an estimated US$59.7 billion of the Gold Demand Value. The average price of gold for the quarter was US$1,690.57, 22% higher than the average for Q1 2011. Demand for the quarter was underpinned by increased demand in China, continued central bank purchasing and inflows into exchange-traded funds (ETFs).
The WGC report continues to support the Company's aggressive acquisition and partnership initiative focused on the gold mining sector. The Company had recently announced the completion of a single $60 million asset backed Financial Guarantee permits the Company to expedite the closing of the three (3) properties currently under the investigative analysis stage of its due diligence process and will permit the Company to greatly expand the scope of its recently announced acquisition and partnership initiatives. The Company will give priority to the recommissioning of previously producing gold properties due to their relatively low cap-ex and high production probability and to the acquisition and/or development of environmentally sensitive, cost saving mining technologies.
The Company recently announced it had increased to $60 million the total Financial Guarantees in place and that it had completed the first phase of its due diligence on 7 properties and would be proceeding to the next phase with three (3) of these properties. Further progress on the finalization of these acquisitions, as well as any additional opportunities under review will be reported in due course.
The Company has put in place the required financial and human resources and management to leverage the significant inherent resource value at these near term production scenarios, each with significant undervalued growth potential.
The Company expects to soon announce completion of specific mining property acquisitions and/or partnerships that are currently in progress, as well as details of specific mining technologies under development.
About Auric Mining Co.
Auric Mining is an investment and management enterprise that acquires and operates profitable energy companies with strong historical cash-flow and sustainable profitability. As part of its new growth initiative, the Company plans to acquire sector-specific technology and assets to be integrated into existing and future operations. Auric's primary business strategy is the acquisition of diverse, profitable energy related assets that provide synergistic profits and revenue enhancements across all portfolio companies.
The Company has developed and maintains an extensive database of private and public natural resources companies which have substantial resources already proven. The Company is constantly seeking acquisition opportunities with significant exploration upside through purchase, joint venture or investment. With unparalleled instincts for successful mineral projects, a field-oriented management style and a flat organizational structure, the Company has an ability to concentrate its financial assets, human resources and field efforts to provide timely decisions and a continued focus on the most prospective targets. The company has a number of claims strategically located in this historic mining district. The Company believes its combination of profitability and mitigated-risk funding structures provides long-term shareholder equity appreciation. For more information please visit the company's website at www.auricminingcorp.com.
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995 - forward-looking statements concerning plans, objectives, goals, strategies, future events of performance and underlying assumptions and other statements which are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and services demand and acceptance, changes in technology and in economic, political and regulatory conditions and to all of the risks generally associated with a company at Auric Mining's stage of development. All such forward looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by these cautionary statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
For more information contact:
Auric Mining Company Investor Relations: 302-351-4977
SOURCE Auric Mining Co.
Source: PR Newswire (August 2, 2012 - 8:30 AM EDT)
WILMINGTON, Del., Dec. 13, 2012 /PRNewswire/ -- Auric Mining Corp. (OTC: AUMY) today announced that it has signed a Memorandum of Understanding with Vietnam-basedAnh Thang Mining Corp. to jointly mine and excavate some of the largest, active iron ore and steel mining properties in Northern Vietnam.
Established in the early 80's, Anh Thang Mining Corp., the cradle of the metallurgical industry of Vietnam, is one of the first to mine unique metallurgical zone in Vietnam with an integrated production line from exploiting iron ore to making cast iron, steel billet and rolling steel.
For almost 20 years of operation and development, Anh Thang Mining Corp. has been nonstop growing in production strengths. With the rolling steel capacity currently of over 10,000 tons per year and turnover revenues of $50Mil. USD in 2011, Anh Thang has large product distribution network including 3 branches in Hanoi, Quang Ninh and Thanh Hoa provinces.
Auric will utilize its resources, equipment and contract labor personnel to provide infrastructure support to Anh Thang project initiatives in Quang Ninh and Thanh Hoa provinces. The Joint Venture is for three years with an option to renew for another two years. In return, Anh Thang will allow Auric Mining a ten percent ownership in its mines once production volume has reached an agreed upon milestone.
"We're delighted and honor to welcome Auric Mining to our network alliances. With a strong foothold and access to US capital market, Auric will definitely be an asset to our future and ongoing mining projects," comments Marcus Nguyen, Anh Thang's Director of Operations.
Additionally, Auric's management has considered a share buy back program of up to one billion shares to reduce the current float and outstanding. This strategic move will allow the Company to lower its liabilities in anticipation of the return to positive EPS in 2013 and beyond.
About Auric Mining Company
Auric Mining Company is as an investment and management company involved in mining and natural resources projects. The company focuses its resources by investing in on-going projects to establish immediate cash-flow for the company and to provide profitability for its shareholders. The company is currently focused on developing its properties in the Wawa area of the Sault Ste. Marie Mining District in Ontario. In addition to its prolific history for gold mining, Wawa has shown promising signs of concentrated kimberlite indicators, a favorable geological formation for diamond exploration. The company has a number of claims strategically located in this historic mining district. For more information on the company, please go to www.auricminingcorp.com.
This release contains forward-looking statements within the meaning of Section 27a of the Securities Act of 1933, as amended and section 21e of the Securities and Exchange Act of 1934, as amended. Those statements include the intent, belief or current expectations of the company and its management team. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Accomplishing the strategy described herein is significantly dependent upon numerous factors, many that are not in management's control. Some of these factors include the ability of the company to raise sufficient capital, attract qualified management, attract new customers and effectively compete against similar companies.
: interresant dabei ist: meiner Meinung nach
Darüber hinaus hat Auric Management ein Aktienrückkaufprogramm bis zu 1 Milliarde Aktien zur Verringerung der aktuellen Float angesehen und in Umlauf. Mit diesem strategische Schritt ermöglicht das Unternehmen, seine Verbindlichkeiten im Hinblick auf die Rückkehr zum positiven EPS im Jahr 2013 und darüber hinaus zu senken.