SINALOA, Mexico, July 22, 2014 (GLOBE NEWSWIRE) -- Gold and Gemstone Mining Inc. (OTCQB:GGSM) engage in the acquisition, exploration-production, and development of gold and other minerals properties in Mexico announce today the acquisition of Gringo Viejo Project.
Ivan Mondragon, Vice President and General Manager of the subsidiary in Mexico, "We are pleased to inform our shareholders that we have acquired 'the Gringo Viejo Project', one of the best chances to be in production of gold and silver on a very short term. The mining potential found is very promising for the strategic future of this company, especially being located on the best gold zone of Mexico. Near the concession are large Mexican and foreign like Sierra Metals Inc and Goldcorp Inc where reported has produced 1.5 millions of gold ounces at very low cost and has even proven and probable reserves by 260,000 ounces with forecast production of between 100,000 - 105,000 oz in 2014, produced high-grade silver. In 2013, a total of 97,063 tonnes were mined from development rock at an average grade of 167g/t Ag and 0.49% Pb. Other highlights on the same area include Minera Frisco SA of CARSO Group whom has acquired a majority its mines in this State. These examples together represent a great potential with large reserves of gold, silver, copper, lead, zinc, iron and nickel, and other minerals. Lastly, as the current government in México is improving in many areas, the mining owners are increasingly open to cooperate, understanding better foreign investors, improvements to communication routes and other changes in the political reforms have improved the conditions of mining sector."
About Gold and Gemstone Mining
Gold and Gemstone Mining is a company focused on the acquisition, exploration and potential development of prospective gold and silver properties in North and South America. Our strategy is to build a pipeline of gold and silver projects to explore and develop, or enter into joint-ventures. We target projects in historic mining districts with what are believed to have potential for large-scale exploration or relative short to medium-term production.
FORWARD-LOOKING STATEMENTS: "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements relating to the company's business activities and other statements in this press release are forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995. Such statements are based on current expectations about the Company's business. Words such as expects, anticipates, intends, plans, believes, estimates and similar words and expressions are intended to identify such forward-looking statements. These statements involve risks that are difficult to evaluate. Actual results can vary from descriptions herein due to many factors including changes in metal prices and business conditions; changes in laws and regulations; problems encountered in exploration and obtaining permits; changes in the competitive environment; technological advances; shortages of skilled workers, drill rigs and equipment; the need for additional capital and other risks listed in the Company's Securities and Exchange Commission filings under "risk factors" and elsewhere. Forward-looking statements speak only as of the date they were made. The Company does not undertake any obligation to update forward-looking statements.
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Source:Gold & Gemstone Mining, Inc