Mill City Terminates Discussions With Vendor of Indonesian Project; Company to Focus on Mining Sector
13.05.2014 | Marketwire
ALGARY, ALBERTA -- (Marketwired - May 13, 2014) - Mill City Gold Corp. ("Mill City" and/or the "Company")(TSX VENTURE:MC) (OTCBB:MCYGF) (FRANKFURT:NJ6) announced today that the Company will not be proceeding with an agreement to purchase up to a 75% interest in the North East Tanjung Block, an onshore oil and gas concession located in Indonesia. The vendor of the Indonesian project has been unable to raise the required funds to complete the reverse takeover. The details of the acquisition were previously outlined in the Company's news release dated February 13, 2014.Mill City management has determined it is in the best interest of the Company and its shareholders to focus on the mining sector. Jim Brown, Mill City President, comments, "We are very encouraged by the quality of precious metals projects that are available to us at a small fraction of the capital previously invested in their development by other companies. Therefore, we are taking the steps necessary to acquire and finance one or more of these opportunities for our stakeholders."
Although management continues to investigate several such opportunities, no definitive negotiations or agreements have yet to occur.
About Mill City Gold Corp.
Mill City Gold Corp. is a TSX Venture Exchange listed exploration company that is focused on identifying and acquiring advanced precious metals projects in the most favorable jurisdictions around the world. For further information please visit the Company's website at www.millcitygold.com.
ON BEHALF OF THE BOARD OF DIRECTORS
James R. Brown
Chairman, President & CEO
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contact
Mill City Gold Corp.
James R. Brown, Chairman, President & CEO
403-640-0110
www.millcitygold.com