Sustainable Petroleum Group Inc. (the “Company”) (OTCQB SPGX) is pleased to announce that it has acquired 100% ownership of 13 contiguous claims in the Thunder Bay Mining Division in Ontario, Canada for CDN $5 million by the issuance of 1,250,000 restricted shares.
Naples, FL (PRWEB) April 15, 2017 — Sustainable Petroleum Group Inc. (the “Company”) (OTCQB SPGX) is pleased to announce that it has acquired 100% ownership of 13 contiguous claims in the Thunder Bay Mining Division in Ontario, Canada for CDN $5 million by the issuance of 1,250,000 restricted shares.
The Orphan Mine consists of 9 freehold patented claims comprising 116.9 hectares. The mine is considered to be a past producer of the Beardmore Geraldton gold camp. Gold production from this camp exceeded 4.1 million ounces from 19 mines. During its operating period between 1934 to 1935 a total of 2,460 ounces of gold and 1,558 ounces of silver were extracted from 3,525 tons of ore mined, resulting in grade averages of 0.70 ounces per ton gold and 0.44 ounces per ton silver. Two diamond drill campaigns (1987 and 2008) returned encouraging gold intercepts. A historical 43-101 serves as framework for up grading to current report. A two year 3 phase diamond drill program is planned through 2018.
The Foisey Gold System is located 1,800-meters northwest of the Orphan Mine on claims sharing a common boundary with the Orphan Mine patented claims. Foisey consists of 4 staked claims, 27 units comprising 432 hectares. Diamond drilling has demonstrated that it is a significant gold bearing structure that collectively exceeds 80 meters in width and exceeds 650 meters in strike length. The structure has yielded results as high as 28.79 gpt from grab samples, 12.75 gpt/ 0.5 meters from channel samples and 3.29 gpt along 0.3-meters in diamond drilling. Regional government geologist encourages deeper drilling on structure. A 2,000 meter drill program is planned through 2018. Once the drill program is completed a consultant will be engaged to write a 43-101.
Christian Winzenried, the CEO of SPGX stated: “With the stability of gold prices, we have set out to build a robust portfolio of well located projects internationally. The Orphan Gold Mine and the Foisey Gold Property represent exceptional opportunities for the Company. We will pursue further exploration with field crews and advisors on our team already in place.”
About Sustainable Petroleum Group Inc.
SPGX as a member of SP Group is positioned to become a world leading natural resources holding and development company through value based investments and collaborative partnerships with global leaders across the natural resources sector.
SP Group has initiated its goals by pursuing investment and partnerships with some of the most diversified and integrated companies available on the market.
On behalf of Sustainable Petroleum Group Inc.
Chief Executive Officer
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains statements that plan for or anticipate the future, called “forward-looking
statements.” In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expects,” “plans,” “intends,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of those terms and other comparable terminology.
These forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements about: our market opportunity; revenue generation; our strategies; competition; expected activities and expenditures as we pursue our business plan; the adequacy of our available cash resources; our ability to acquire assets or projects on commercially viable terms; challenges to our title to our assets; operating or technical difficulties in connection with our development activities; currency fluctuations; and governmental regulations.
Many of these contingencies and uncertainties can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to our most recent annual report on Form 10-KSB and other filings made by us with the United States Securities and Exchange Commission for more detailed discussions of the contingencies and uncertainties enumerated above and the factors underlying the forward-looking statements. These reports and filings may be inspected and copied at the Public Reference Room maintained by the U.S. Securities and Exchange Commission at 100 F Street, N.E., Washington, D.C. 20549. You can obtain information about operation of the Public Reference Room by calling the U.S. Securities and Exchange Commission at 1-800-SEC-0330. The U.S. Securities and Exchange Commission also maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the U.S. Securities and Exchange Commission at http://www.sec.gov.
We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except to the extent required by applicable laws.
This press release is for informational purposes only and is not and should not be construed as an offer to solicit, buy, or sell any security.
For further information, please contact us.
Sustainable Petroleum Group Inc.
2316 Pine Ridge Road,
383 Naples, FL 34109
Phone: +1 239 316 4593
Sustainable Petroleum Group Inc
Sustainable Petroleum Group Inc.
Online Web 2.0 Version
You can read the online version of this press release here.