[GLOBE NEWSWIRE]
Shamika2Gold, Inc. (OTCBB:SHMX) ("Shamika" or the "Company") (www.Shamika2Gold.com)
announced today that it has acquired 85% of MIG International Mining
Group, a Mauritius company, which holds a concession of a gold and ruby
exploration license in Cambodia. Shamika acquired the capital stock of
MIG in exchange for 57,000,000 shares of Shamika common stock and shares
of Series B Performing Preferred Stock entitling the holder to 45% of
the net operating profit from the mining project. The shares issued by
Shamika will be held in escrow until MIG obtains all necessary
production licenses and has commenced commercial production for two
months.
The area covered in the license is comprised of approximately 158
square miles in the Samlaut district of Cambodia. A Phase 1 & 2
Survey Report on the area was prepared by Terra Insight Services, Inc., a
subsidiary of Terra Energy & Resource Technologies, Inc. and
suggests potential for 1.5 million ounces of gold and 9,000 kilograms of
rubies.
"This is a historic acquisition for Shamika," stated Robert Vivian,
President and Chief Executive Officer. "Shamika's strategy is to
discover, develop, and produce gold from potential high-value projects
in overlooked and emerging countries. We seek out management teams that
are known for their local expertise and the ability to work
internationally with a high-growth company like Shamika. The acquisition
of MIG international Mining Group brings to Shamika both an exceptional
property package, and an outstanding team."
"This acquisition will allow the Company to rapidly advance our Asian
portfolio. We expect it to contribute to both revenue and earnings in
the next nine to twelve months," added Mr. Vivian.
Shamika has developed an aggressive plan to bring the MIG projects into
production during calendar year 2011, and will alert shareholders to
further developments in the next months.
About Shamika2Gold, Inc.
Shamika2Gold is an international junior gold company with strategic
holdings in countries with potential high value targets that have been
overlooked by the mining industry. The company's strategy is to become a
global exploration and production company. Shamika2Gold, Inc. is 51%
owned by Shamika Resources, Inc., a private company domiciled in Canada.
The corporate strategy is to develop a portfolio of mineral companies,
unlocking value for shareholders, and opening up multinational access to
the capital markets.
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