TORONTO, ONTARIO -- (Marketwire) -- 09/29/11 -- Vaaldiam Mining Inc. ('Vaaldiam' or 'the Company') (TSX: VAA) reports that it has agreed with Freegold Ventures Limited ('Freegold') (TSX: FVL) to restructure the payment of $854,973.68 owed by Freegold to Vaaldiam which was due to be repaid in full on October 1, 2011.
Freegold will now pay Vaaldiam $250,000 on October 1, 2011 and the balance of the debt on November 30, 2011. The portion outstanding will continue to bear interest at an annual rate of 6%.
Vaaldiam CEO Robert Jackson said "Freegold is making excellent progress with its drilling programs at its gold properties in Alaska. We own approximately 2.8 million common shares of Freegold and are strong believers in the merit of its properties. Consequently we are content to grant a short-term deferral of the payment due to us because we believe that it assists Freegold, ultimately benefitting our own shareholders".
Certain of the information contained in this news release constitutes 'forward-looking statements' within the meaning of securities laws. Such forward-looking statements, including but not limited to those with respect to the prices of metals and minerals, purchase payments, royalty payments, estimated future production and estimated costs of future production involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any forecast results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the actual prices of metals and minerals, the actual results of current exploration, development and mining activities, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the documents of the Company filed from time to time with the Ontario Securities Commission.
Contacts:
Vaaldiam Mining Inc.
Robert Jackson
President and Chief Executive Office
rjackson@vaaldiam.com
www.vaaldiam.com
