RENO, Nev., Nov. 30 /PRNewswire-FirstCall/ -- Hemisphere Gold Inc. (Pink Sheets: HPGI), a gold exploration, property acquisition and mining development company is currently negotiating with Marken Capital Corp ("Marken") for an extension on the acquisition agreement that was made in November 2006.
Under the terms of the acquisition agreement for the Suriname project run by Orion Resources NV ("Orion"), Hemisphere, through its major shareholder, was to have provided US$2,000,000 funding to Orion by November 11th, 2007 or the project would be returned to Marken's control. Hemisphere did not meet the full funding requirement by November 11th and was granted an extension until November 20th, 2007 to present an acceptable proposal to Marken for the resolution of the matter. As Hemisphere has not been able to raise sufficient capital to meet the US$2,000,000 requirement, in part due to recent unauthorized release of information which has caused severe harm to the Company, it has been negotiating with Marken for a further extension. Marken has agreed to continue with negotiations however, should an agreement not be reached then Marken will enforce its rights under the terms of the acquisition agreement and take back the control of Orion Resources and all of its assets. To date Hemisphere has provided approximately US$1,200,000 of the US$2,000,000 required.
The Company anticipates reaching an agreement within the next week or so and will keep shareholders advised of any developments.
About the Company
Hemisphere Gold Inc. is in the business of exploration and acquisition of gold properties in some of the world's best gold districts. The Company's objective is to take advantage of high-yielding untapped mineral producing properties through exploration and acquisition. The Company's flagship property is in Suriname, a democratic country which has had mining operations since the 1700s. Suriname is an emerging major gold producer with international companies showing interest. Hemisphere is committed to maintaining environmental stewardship, occupational safety and corporate responsibility.
For more information, please visit http://www.hemispheregold.com/
This press release may contain forward-looking statements which are pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that actual results may differ materially and all forward-looking statements involve risks and uncertainties including, without limitation, risks associated with the Company's financial condition and prospects, risks associated with mining exploration, risks of governmental legislation and regulation, risks associated with technological changes, risks associated with dependence on third parties, risks relating to international operations, delays in testing and evaluation of products and risks associated with competition.
