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Gold American Mining Corp
Gold American Mining Corp. (OTC.BB:SILA) is pleased to provide an update on the Guadalupe property.
We are very satisfied with the work progress on our properties as we continue to evaluate other interesting exploration properties with a view to add them to our portfolio, said Johannes Petersen, President of Gold American. The results to date at our Guadalupe property are in line with what we expected to find. The values at surface, the historical information acquired and the recent identification of the geophysics anomalies, all suggest that the vein systems in the property have the potential to continue to much greater depths. We are confident that we will soon be in a position to start drilling operations in the property to test this concept, added Mr. Petersen.
Gold American Mining Corp. recently furnished an update on the financing activities of the Company.
As announced in May 11, 2010, the Company entered into a $7.5 million equity financing agreement with a European institutional investment group that specializes in backing precious metals and mining ventures. Gold American Mining is pleased to announce that up to date they have received funds in the amount of $300,000 in virtue of this agreement and that Gold American still has a balance of $7.2 million that they could call upon to fund their exploration and acquisition strategy. During 2010, Gold American has received total equity subscription proceeds of $500,000.
The funding will be utilized by Gold American in its ongoing acquisition strategy and specifically in the further exploration and development of its existing Keeno Strike Property in Nevada, which could potentially contain ~1.1 million ounces of gold and ~69.0 million ounces of silver accessible via open-pit bulk handling methods, and its Guadalupe Property in Mexico, which is located approximately 5 miles north of the worlds richest underground silver mine, operated by the +$10 billion London Stock Exchange-traded company, Fresnillo plc.
Songzai International Holding Group, Inc. (OTC.BB:SGZH), a leader in coal production and exploration in the Peoples Republic of China previously reported that the Company has entered into an Asset Purchase Agreement to acquire the Erdos City Dongsheng District Liujiaqu Coal Mine located in the Inner Mongolia region of the PRC.
The Liujiaqu Coal Mine is a new mine encompassing about 8.87 square kilometers. Total estimated resources of the mine are approximately 143 million metric tons. The Company anticipates that the acquisition will be consummated with the completion of industrial and commercial registration for the change of ownership within 3 months from the date the seller receives the cash portion of the consideration and that production at the Liujiaqu Coal Mine will begin in the third quarter of 2010. The annual production capacity of the mine is expected to be 1.2 million metric tons in 2011 with continuous growth thereafter. The extracted coal is to be sold on a raw product basis as thermal coal for power generation, cement rotary kilns and other industrial and home heating uses.
Songzai International Holding Group, Inc. is engaged in coal production and sales by exploring, assembling, assessing, permitting, developing and mining coal properties in the Peoples Republic of China (PRC).
According to Clean Energy Fuels Corp. (NASDAQ:CLNE), legislation being introduced in the US Senate by Senate Majority Leader Harry Reid (D-NV), and intended for introduction in the US House of Representatives by Ways & Means Committee Chairman Sander Levin (D-MI), will benefit the deployment and use of natural gas vehicles and fuel in the United States. Andrew J. Littlefair, Clean Energy President and CEO, said, We applaud our congressional leaders in the Senate and the House for bringing this vital legislation to the forefront. It will help fund natural gas vehicle purchases, particularly heavy-duty trucks, support growth in natural gas fueling infrastructure nationwide, and provide loans to support domestic manufacturing of alternative fuel vehicles.
In the Senate bill, with $3.8 billion proposed for vehicle purchase rebates (75% for heavy-duty vehicles), as many as 200,000 alternative fuel vehicles may be placed in service, which could result in more than 1.8 billion gallons of petroleum displacement annually. Additionally, at least $500 million is proposed for fueling infrastructure development and $2 billion for the manufacturing loan program. Littlefair, Clean Energy President and CEO, noted that the proposed legislation also may result in more than 500,000 new direct manufacturing and labor jobs and other related indirect jobs. The fueling infrastructure created could effectively build the framework of a national natural gas fueling network with as many as 400 LNG fueling stations for regional trucking and more than 1,000 CNG/LNG multi-use fueling stations in urban centers.
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