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Goldrich Announces Forward Gold Sales to Finance Commercial Production at Chandalar
SPOKANE, WA, Nov 09, 2009 (MARKETWIRE via COMTEX) --
Goldrich Mining Company (OTCBB: GRMC) (the "Company") announces that
its Board of Directors has approved the sale of up to $7 million of
forward gold sales. Proceeds from the forward gold sales will be used
primarily to finance the start up of commercial production at the
Company's Chandalar gold project.
The contract terms of the forward gold sales include a 20% discount
to market price as calculated on the date of sale and will specify
delivery of gold in November 2011. The forward gold sales contract
contains standard terms regarding delivery and receipt of gold and
payment of delivery costs.
Additionally, for each dollar of gold purchased, the purchaser will
receive one half of a common stock purchase warrant. Each whole
warrant is exercisable to purchase one share of common stock of the
Company at an exercise price of $0.65 for a period of two years
following the date of issue. In the event that the Company's shares
of common stock trade in the United States at a closing price of
greater than $1.00 per share for a period of 10 consecutive trading
days at any time following the issuance of the warrants, the Company
has the right to force exercise of the warrants.
The securities have not been and will not be registered under the
Securities Act of 1933, as amended, or any state securities laws and
may not be offered or sold in the United States absent such
registration or an applicable exemption from such registration
requirements. This press release does not and shall not constitute
an offer to sell or the solicitation of an offer to buy any of the
securities, nor shall there be any sale of the securities in any
state or jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration under the securities laws of any
state or jurisdiction.
For additional information regarding Goldrich Mining Company or this
news release, contact Mr. William Schara at telephone (509) 768-4468;
e-mail wschara@goldrichmining.com.
Goldrich Mining Company is engaged in the business of the discovery
and mining of gold deposits. This endeavor carries certain risks that
are commensurate with the potential rewards of such efforts. These
risks cannot be quantified and should not be taken lightly.
Forward-Looking Statements
This press release contains "forward-looking statements" that are
made pursuant to the safe harbor provisions of the Private Securities
Legislation Reform Act of 1995. All statements, other than
statements of historical facts, included in this press release that
address activities, events or developments that Goldrich Mining
Company expects or anticipates will or may occur in the future,
including such things as the Company's ability to sell forward gold
sale contracts, the anticipated use of proceeds from the sale of such
contracts, anticipated commercial production at the Company's
Chandalar gold project and other such matters are forward-looking
statements. Often, but not always, forward-looking statements (1)
can be identified by the use of words such as "continue," "efforts,"
"point up," "potential," "thought," and "look forward," or variations
(including negative variations of such words and phrases); or (2)
state that certain actions, events or results "will" be taken, occur
or be achieved. Forward-looking statements involve known and unknown
risks and uncertainties, which may cause Goldrich Mining Company's
actual results in future periods to differ materially from forecasted
results. These risks and uncertainties include, among other things:
the Company's ability to sell forward gold sale contracts in the
current economic environment, volatility of natural resource prices,
including gold prices; product demand; market competition; the
Company's ability to continue with corporate spending priorities; the
Company's ability to secure additional financing; the existence and
extent of gold deposits at the Chandalar property; the Company's
ability to start and maintain commercial production at the Company's
Chandalar property; and other risks inherent in the Company's
operations discussed in the Company's latest Annual Report on Form
10-K and Quarterly Report on Form 10-Q and other documents filed with
the U.S. Securities and Exchange Commission. The Company makes no
obligation to update publicly or revise any forward-looking
statements or information, whether as a result of new information,
future events or otherwise, unless so required by applicable laws or
regulatory policies.
Contact:
Mr. William Schara
(509) 768-4468
wschara@goldrichmining.com
SOURCE: Goldrich Mining Company
mailto:wschara@goldrichmining.com
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