VHGI Gold Signs Binding Letter of Intent to Acquire Additional Properties in Western Sierra, Close the Purchase of Treasure Gulch Gold Mine and Option to Lease Phau Springs Mine
LEXINGTON, Ky., March 10 VirtualHealth Technologies, Inc. (OTC Bulletin Board: VHGI) today announced that VHGI Gold LLC, its wholly-owned operating subsidiary, has entered into a letter of intent to purchase or lease additional mines from Western Sierra Mining Corporation, including a lease option on Phau Springs Mine. VHGI Gold is also determined to complete the purchase of Treasure Gulch.
Management hopes to reach a definitive agreement in the next 30 days subject to final due diligence. These acquisitions would be for stock, cash and royalties.
"This will give us estimated proven reserves, verified by Western Sierra, of approximately 76,000 ounces of gold and probable reserves of 208,000 ounces based on the information provided by Western Sierra Management," stated Jim Renfro, the company's president.
Mr. Renfro continued, "With the purchase of these assets, we anticipate VHGI Gold can move toward full production within the next 90 days. And with the price of gold above 1,000.00 per ounce today, we believe VHGI Gold will be attractive to additional Joint Venture mining partners who can assist us in getting the ore out of the ground."
For more information please visit the company's website at http://www.vhgigold.com , or call shareholder relations at 561-515-6035.
About VHGI and VHGI Gold
VHGI is a diverse company with assets and interests focusing on opportunities within the Healthcare Technology Industry and Precious Metals Markets. VHGI Gold, a wholly owned subsidiary of VHGI has recently initiated steps to leverage the company's operating history and corporate resources within the Gold Mining Industry and intends to pursue these opportunities through lease purchase opportunities, acquisitions and joint ventures. Investors are invited to obtain information concerning our operations at or http://www.vhgigold.com or by calling shareholder relations at 561-515-6035.
Safe Harbor Statement:
The statements in the press release that relate to the company's expectations with regard to the future impact on the company's results from new products in development and any other statements not constituting historical facts are "forward looking statements," within the meaning of and subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. Since this information may contain statements that involve risk and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results. This document may contain forward-looking statements concerning the Company's operations, current and future performance and financial condition. These items involve risks, contingencies and uncertainties such as product demand, market and customer acceptance, the effect of economic conditions, competition, pricing, the ability to consummate and integrate acquisitions, and other risks, contingencies and uncertainties detailed in the Company's SEC filings, which could cause the company's actual operating results, performance or business plans or prospects to differ materially from those expressed in, or implied by these statements. The Company undertakes no obligation to revise any of these statements to reflect the future circumstances or the occurrence of unanticipated events.
For Further Information:
Shareholder Relations - Communications 561-515-6035
SOURCE VirtualHealth Technologies, Inc.
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