HENDERSON, NV, Feb. 03, 2016 (GLOBE NEWSWIRE) -- Double Crown Resources, Inc. (DDCC), a fully reporting company, is pleased to announce it has executed a binding Letter of Intent to acquire controlling interest in a Latin American precious metals resource property which has yielded gold, silver and other valuable metals for hundreds of years. Upon completion of due diligence, Double Crown will contract to purchase 51% ownership of the property and assume its management role. Since all previous precious metals extractions from this property have been done only by local populations using manual methods, there is excellent opportunity for Double Crown to utilize modern technology to expand the scale of recovery to a level appropriate for the global markets.
Double Crown intends to finance new commercial production of the region and this acquisition by leveraging the revenues earned from its recent gold supply contract announced on January 7, 2016. The loan package that is being developed will provide for acquisition and production costs. Debt servicing of the loan will be paid for by Double Crown from its negotiated fees on the first supply contract. Double Crown has committed to invest up to $1,000,000 of its fees towards the new loan which will provide Double Crown controlling interest in mineral rights. It is estimated that Phase I of production can result in cash flowing to Double Crown by June of 2016. At this time, we are negotiating with several additional buyers for precious metals and we intend to sign new contracts in the near future. Our next steps are to procure the loan package as well as to confirm the acquisition region’s precious mineral resources and/or reserves by additional sampling and testing and then issue a 43-101 document. Further information will be released as progress is made.
Regarding these acquisition plans, President Allen E. Lopez commented, "With the global commodities markets turning so strongly in favor of gold and precious metals now, Double Crown Resources has adapted its business plan to focus a primary effort on this high value sector. We also anticipate that Phase II of the original gold supply contract which was recently announced, has the potential to more than double our net compensation. Phase II, which would begin in a few months, will allow for payment of our operating costs as well as other obligations such as implementation of Translock² containers specifically built for precious metals and related aggregate materials. Our updated business plan is close to completion and we will be touching on its high points in future announcements. At this time, Double Crown management would like to offer sincere appreciation for all the support we have received from our investors in the last few months as we worked to establish our position in the precious metals markets. We intend to do everything in our power to repay that support with enhanced shareholder value in the balance of 2016 and beyond.
About Double Crown Resources, Inc.
Double Crown Resources, Inc., is a public, fully reporting company in the natural resources industry. In addition to our oilfield services business, we market the patent-pending, multi-advantage container system called Translock². This system is designed for highly efficient, economical and environmentally friendly shipment of aggregate commodities to the oilfield services industry. Additionally, we hold a 100% interest in the Bateman gold and nickel prospect near Thunder Bay, Ontario, Canada. Double Crown Resources, Inc., originally founded in 2006, is based in Henderson, NV with marketing offices in Houston, TX.
Neither this press release nor any related calls or discussions constitutes an offer to sell, or the solicitation of an offer to buy, any securities.
You should not place undue reliance on forward-looking statements in this press release. This press release contains forward-looking statements that involve risks and uncertainties. Words such as "will," "anticipates," "believes," "plans," "goal," "expects," "future," "intends," and similar expressions are used to identify these forward-looking statements. Such forward-looking statements include risks and uncertainties, and there are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors, risks and uncertainties are discussed in the Company's annual report on Form 10-K for the year ended December 31, 2014 as updated from time to time in our filings with the Securities and Exchange Commission. The Company is not responsible for updating the information contained in this press release beyond the published date, or for changes made to this document by wire services or Internet services. For further information about Double Crown Resources, Inc., please refer to its website at http://www.doublecrownresources.com.
Double Crown Resources, Inc. Jerold S. Drew, CEO & Chairman of the Board 10120 S. Eastern Ave. Suite 200 Henderson, Nevada 89052 Phone: (707) 961-6016 Email: firstname.lastname@example.org
Source:Double Crown Resources, Inc.