STEVENSVILLE, Mich.,
Feb. 14, 2012 /PRNewswire/ -- Norman
Cay Development, Inc. ("Norman Cay")
(OTCBB: NCDL) (PINKSHEETS: NCDL) is pleased to announce that it has
received the second scheduled payment from North Springs Resources
Corp. ("North Springs") (OTCBB: NSRS) (PINKSHEETS: NSRS). This
payment of $100,000 is the second of
two totalling $250,000 towards the
planned sale of an additional 10% interest in the Edum Banso Gold
Project ("Edum Banso"). North Springs must continue to fund a
multi-phase $1,000,000 work
commitment at Edum Banso in 2012 to maintain the additional 10%
interest in the project. Norman
Cay previously received 10,000,000 restricted common shares
of North Springs stock in consideration of a 25% interest in the
Edum Banso. The current market valuation of these shares is
in excess of $6.5
million.
"We are pleased to reach this significant milestone in the
ongoing relationship with our new partners," said Dean Huge, CFO of Norman Cay Development.
"With this payment behind us, both companies can focus their
attention towards the next stage of exploration and funding
required to fully develop the enormous potential of the Edum Banso
Gold Project."
The Edum Banso concession covers 20.60 km2 (5,100 acres) located
approximately 35 km (21 miles) northwest of the city of Takoradi in
the southeastern portion of Ghana's historic Ashanti Gold Belt. The concession is
situated less than one mile from the border of the HBB Father
Brown/Adoikrom open pit gold deposits currently being mined by
Golden Star Resources. Golden
Star expects to produce 180,000 oz. of gold and generate
over $280 million in gross revenue
per year per from their HBB Father Brown/Adoikrom operations.
Numerous other gold mines are also in operation in the area,
including Iduapriem (16 miles - AngloGold Ashanti - 185,000
oz./year - 4.9 million oz. total), Obuasi (55 miles - AngloGold
Ashanti - 381,000 oz./year - 33.4 million oz. total), Tarkwa/Damang
(18 miles - Gold Fields - 928,000 oz./year - 19.6 million oz.
total), Bogosso/Prestea (29 miles - Golden
Star - 180,000 oz/year - 3.8 million oz. total), and Nzema
(20 miles – Adamus - 100,000 oz./year - 3.0 million oz.
total).
Previous exploration conducted by Newmont Gold (2004) and others
at Edum Banso included extensive geophysical (aeromagnetic)
interpretation, soil and stream sediment sampling (5,758 samples),
trenching (319 m total - 214 channel samples), auger drilling (252
holes), and rock chips (81 samples). To date, four distinct
mineralized gold zones have been identified over an area
approximately 5 miles long by a quarter mile wide, including two
southern zones sharing contact with the unique circular shaped
Mpohor Complex geologic structure, potentially one of the largest
known gold bearing synvolcanic mafic intrusives on the African
continent. The same Mpohor Complex structure and contact
zones host the HBB Father Brown/Adoikrom deposits to the
southeast. Planned exploration work at Edum Banso includes
additional geological mapping, prospecting, soil sampling,
trenching, and a reverse-circulation (RC) drill program targeting
15-30 locations.
Further updates regarding the Edum Banso Gold Project and other
Norman Cay business will be made as
additional information becomes available.
About Norman Cay Development
Norman Cay Development, Inc. is an emerging U.S. based mineral
exploration company offering shareholders the opportunity to
participate in the ownership of high-potential international gold
exploration and development projects. The Company's
wholly-owned subsidiary, Discovery Gold Ghana Limited, holds an
exclusive option with rights to explore and develop the Edum Banso
Gold Project within the historic Ashanti
Gold Belt in Ghana.
For further information regarding Norman Cay Development,
Inc., contact:
LiveCall Investor Relations
Gerry Belanger,
+1-855-490-9700 (Toll-free)
E-mail: NCDL@livecallir.com
Forward-Looking Statements
Certain statements in this press release that are not historical
facts are "forward-looking statements" within the meaning of that
term in Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as
amended. Such statements may be identified by the use of
words such as "anticipate", "believe", "expect", "may", "will",
"would", "should", "plan", "projected", "intend", and similar
expressions. Norman Cay Development, Inc. (the "Company")
bases these forward-looking statements on current expectations and
projections about future events, based on information currently
available. 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 has no mineral
resource or reserve estimate for the Edum Banso Gold Project at
this time and may not have sufficient funding to thoroughly
explore, drill or develop its properties. The Company
disclaims any obligation to update any of its forward-looking
statements, except as may be required by law.
SOURCE Norman Cay Development, Inc.