Ghana Gold Corp. Signs the Asset Purchase Agreement with the World
Sports Alliance Intergovernmental Organization
NEW YORK, April 29, 2013 /PRNewswire/ -- Ghana Gold
Corp. (OTCMarkets: GGCO) announced today that it has signed the
Asset Purchase Agreement with the World Sports Alliance
Intergovernmental Organization to acquire a significant gold
concession in the Central African
Republic.
According to the terms of the Asset Purchase Agreement, Ghana
Gold acquires a gold concession from the WSA-IGO in the
Central African Republic with a
total of $5 billion USD in
recoverable Gold for 500 million restricted common shares of Ghana
Gold Corp., plus a $250 million - 10
year corporate debenture with an annual compounding interest of
6%.
Further condition to the acquisition is a net smelting royalty
of 2.5% payable to the WSA as well as a commitment by Ghana Gold to
a $50 million, 10 year work
program. The WSA will also be paid an administration fee,
which will be calculated on the annual approved expenditure.
The Asset Purchase Agreement is schedule to close on or before
May 23, 2013.
"We have now completed a major step towards completing this
acquisition and once closed this will create a significant and
sustainable value for our shareholders " said Elaine Affleck, President of Ghana Gold Corp.
"Our focus has been Ghana and now
with this acquisition, it is Africa since this will enable us to grow from
a small alluvial player to a major producer of Gold for many years
to come," further add Mrs. Affleck.
About Ghana Gold Corp.
Ghana Gold Corp. is a gold exploration and alluvial gold
production company with properties in the Republic of Ghana.
Ghana Gold Corp. seeks to expand operations to other neighboring
African countries, which have a great gold mining
opportunities.
Investor Relations: ir@ghanagoldcorporation.com or
info@ghanagoldcorporation.com
Tel 1.866.340.3095
FORWARD LOOKING STATEMENTS
Certain statements in this release, other than statements of
historical fact, may include forward-looking information that
involves various risks and uncertainties. There can be no assurance
that such forward-looking statements will prove to be accurate.
Actual result and future events could differ materially from those
anticipated in such statements. These and all subsequent written
and oral forward-looking statements are based on the estimates and
opinions of management on the dates they are made and expressly
qualified in their entirety by this notice. The Company assumes no
obligation to update forward-looking statements should
circumstances or management's estimates or opinions change, other
than as required pursuant to applicable securities laws.
SOURCE Ghana Gold Corp.