TORONTO, Aug. 8, 2011 /CNW/ - Further to its press release dated June 16, 2011, Elgin Mining Inc. (TSXV: ELG) ("Elgin" or the "Company") announces that it has completed the sale of its 68% interest in Silver Reef Resources to Angus Mining (Namibia) Inc. ("Angus"). Elgin received C$1,000,000 in cash and 4,411,764 common shares of Angus. The cash received will be used to advance the Company's exploration and development program for the Lupin gold mine.
Elgin now holds a 10.7% interest in the outstanding capital of Angus on an undiluted basis. The shares have been acquired for investment purposes and Elgin will evaluate its investment in Angus from time to time and may, based on such evaluation of market conditions and other circumstances, increase or decrease shareholdings in Angus as circumstances require.
Elgin Mining Inc. has approximately $13 million in cash available to commence exploration and development programs on the Lupin gold mine and Ulu deposit and to meet its obligations with respect to its option agreement with Lincoln Mining Corp.
Certain information set forth in this press release contains "forward-looking statements" and "forward-looking information" under applicable securities laws. Except for statements of historical fact, certain information contained herein constitutes forward-looking statements which include management's assessment of Elgin's future plans and operations and are based on Elgin's current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. Some of the forward-looking statements may be identified by words such as "expects" "anticipates", "believes", "projects", "plans", and similar expressions. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Elgin's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Elgin undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.