WALNUT CREEK, Calif., Nov 12, 2010 (BUSINESS WIRE) -- Nevada Gold Holdings, Inc. (OTCBB: NGHI), a mineral exploration company focused on identifying and developing large-scale gold deposits in Nevada, announced today that the Company has secured $3.425 million in equity financing through private transactions with accredited investors, the lead investor being Far East Golden Resources Investment Ltd., the Company's new strategic partner, which has extensive mining experience operating gold mines in China.
The financing will enable the Company to continue its gold exploration on its Tempo prospect, located within the north-south trending Rabbit Creek Gold Trend, a prolific Nevada gold belt containing at least 80 million known ounces of gold.
The Company has identified, permitted and bonded 13 drill sites on 3 of the 4 targets that have been identified by the Company's exploration program and is in the process of locating a drilling contractor.
"Given the robust gold price performance, we intend to help Nevada Gold finance mining operations to maximize shareholder value, if and when the drilling results in significant discovery of gold that justifies such investments," commented Charles Huang, Chairman of Far East Golden Resources.
"This successful financing demonstrates the confidence that our investors have in our Company, our exploration team and the potential of discovering multiple world-class deposits on the Tempo property," said CEO David Rector. "We are now fully funded for our Tempo exploration program. In addition, we are aggressively pursuing acquisition opportunities for additional high-potential properties." About Nevada Gold Holdings, Inc.
Headquartered in Walnut Creek, CA, Nevada Gold Holdings, Inc. engages in the acquisition, exploration, and development of gold properties. The Company's experienced management seeks to identify world class gold deposits by applying advanced geological and geophysical methods to high potential exploration properties located in the productive gold mining regions of Nevada. The Company currently holds a lease on one property, the Tempo prospect, located approximately 20 miles northwest of Austin, Nevada. Tempo consists of 206 contiguous unpatented lode claims, totaling about 4000 acres, and is located within the north-south trending Rabbit Creek Gold Trend. The Company's current plan is to explore for gold at Tempo and to acquire future exploration prospects, and ultimately to develop Nevada Gold Holdings into a successful exploration company.
More information about the Company may be found at: www.nevadagoldholdings.com Forward-Looking Statements Statements in this press release that are not historical facts are "forward-looking statements." Such statements may be identified by the use of words such as "anticipate," "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to: (i) the Company's ability to obtain sufficient capital to fund its current and proposed planning, exploratory, and drilling activities; (ii) the risk that a commercially exploitable gold deposit will not be found on the Company's property; (iii) the Company's ability to locate and acquire future exploration prospects; (iv) the Company's ability to attract and retain qualified professionals; (v) the price of gold on the world markets; (vi) competitive factors and developments beyond the Company's control; and (viii) other risk factors discussed in the Company's periodic filings with the Securities and Exchange Commission, which are available for review at www.sec.gov under "Search for Company Filings." Except as otherwise required by law, the Company disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained in this news release to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
The securities sold have not been and will not be registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
SOURCE: Nevada Gold Holdings, Inc.
CONTACT: Nevada Gold Holdings, Inc. Investor Relations Ph: 208-930-4090 firstname.lastname@example.org Copyright Business Wire 2010 -0- KEYWORD: United States
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