Goldrich Announces Forward Gold Sales to Finance Commercial Production at Chandalar
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Mon, 09 Nov 2009 20:04:48 GMT |
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Goldrich Mining Company |
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SPOKANE, WA -- 11/09/09 --
Goldrich Mining Company (OTCBB: GRMC) (the
"Company") announces that its Board of Directors has approved the sale of
up to $7 million of forward gold sales. Proceeds from the forward gold
sales will be used primarily to finance the start up of commercial
production at the Company's Chandalar gold project.
The contract terms of the forward gold sales include a 20% discount to
market price as calculated on the date of sale and will specify delivery of
gold in November 2011. The forward gold sales contract contains standard
terms regarding delivery and receipt of gold and payment of delivery costs.
Additionally, for each dollar of gold purchased, the purchaser will receive
one half of a common stock purchase warrant. Each whole warrant is
exercisable to purchase one share of common stock of the Company at an
exercise price of $0.65 for a period of two years following the date of
issue. In the event that the Company's shares of common stock trade in the
United States at a closing price of greater than $1.00 per share for a
period of 10 consecutive trading days at any time following the issuance of
the warrants, the Company has the right to force exercise of the warrants.
The securities have not been and will not be registered under the
Securities Act of 1933, as amended, or any state securities laws and may
not be offered or sold in the United States absent such registration or an
applicable exemption from such registration requirements. This press
release does not and shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities, nor shall there be
any sale of the securities in any state or jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration under
the securities laws of any state or jurisdiction.
For additional information regarding Goldrich Mining Company or this news
release, contact Mr. William Schara at telephone (509) 768-4468; e-mail
wschara@goldrichmining.com.
Goldrich Mining Company is engaged in the business of the discovery and
mining of gold deposits. This endeavor carries certain risks that are
commensurate with the potential rewards of such efforts. These risks
cannot be quantified and should not be taken lightly.
Forward-Looking Statements
This press release contains "forward-looking statements" that are made
pursuant to the safe harbor provisions of the Private Securities
Legislation Reform Act of 1995. All statements, other than statements of
historical facts, included in this press release that address activities,
events or developments that Goldrich Mining Company expects or anticipates
will or may occur in the future, including such things as the Company's
ability to sell forward gold sale contracts, the anticipated use of
proceeds from the sale of such contracts, anticipated commercial production
at the Company's Chandalar gold project and other such matters are
forward-looking statements. Often, but not always, forward-looking
statements (1) can be identified by the use of words such as "continue,"
"efforts," "point up," "potential," "thought," and "look forward," or
variations (including negative variations of such words and phrases); or
(2) state that certain actions, events or results "will" be taken, occur or
be achieved.
Forward-looking statements involve known and unknown risks and
uncertainties, which may cause Goldrich Mining Company's actual results in
future periods to differ materially from forecasted results. These risks
and uncertainties include, among other things: the Company's ability to
sell forward gold sale contracts in the current economic environment,
volatility of natural resource prices, including gold prices; product
demand; market competition; the Company's ability to continue with
corporate spending priorities; the Company's ability to secure additional
financing; the existence and extent of gold deposits at the Chandalar
property; the Company's ability to start and maintain commercial production
at the Company's Chandalar property; and other risks inherent in the
Company's operations discussed in the Company's latest Annual Report on
Form 10-K and Quarterly Report on Form 10-Q and other documents filed with
the U.S. Securities and Exchange Commission. The Company makes no
obligation to update publicly or revise any
forward-looking statements or information, whether as a result of new
information, future events or otherwise, unless so required by applicable
laws or regulatory policies.
Contact:
Mr. William Schara
(509) 768-4468
wschara@goldrichmining.com
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