updated 3/8/2011 9:16:55 AM ET 2011-03-08T14:16:55

MONTREAL, March 8, 2011 (GLOBE NEWSWIRE) -- Shamika2Gold, Inc. (OTCBB:SHMX) ("Shamika" or the "Company") (www.Shamika2Gold.com) announced today that it has acquired 85% of MIG International Mining Group, a Mauritius company, which holds a concession of a gold and ruby exploration license in Cambodia. Shamika acquired the capital stock of MIG in exchange for 57,000,000 shares of Shamika common stock and shares of Series B Performing Preferred Stock entitling the holder to 45% of the net operating profit from the mining project. The shares issued by Shamika will be held in escrow until MIG obtains all necessary production licenses and has commenced commercial production for two months.

The area covered in the license is comprised of approximately 158 square miles in the Samlaut district of Cambodia. A Phase 1 & 2 Survey Report on the area was prepared by Terra Insight Services, Inc., a subsidiary of Terra Energy & Resource Technologies, Inc. and suggests potential for 1.5 million ounces of gold and 9,000 kilograms of rubies.

"This is a historic acquisition for Shamika," stated Robert Vivian, President and Chief Executive Officer. "Shamika's strategy is to discover, develop, and produce gold from potential high-value projects in overlooked and emerging countries. We seek out management teams that are known for their local expertise and the ability to work internationally with a high-growth company like Shamika. The acquisition of MIG international Mining Group brings to Shamika both an exceptional property package, and an outstanding team."

"This acquisition will allow the Company to rapidly advance our Asian portfolio. We expect it to contribute to both revenue and earnings in the next nine to twelve months," added Mr. Vivian.

Shamika has developed an aggressive plan to bring the MIG projects into production during calendar year 2011, and will alert shareholders to further developments in the next months.

About Shamika2Gold, Inc.

Shamika2Gold is an international junior gold company with strategic holdings in countries with potential high value targets that have been overlooked by the mining industry. The company's strategy is to become a global exploration and production company.  Shamika2Gold, Inc. is 51% owned by Shamika Resources, Inc., a private company domiciled in Canada. The corporate strategy is to develop a portfolio of mineral companies, unlocking value for shareholders, and opening up multinational access to the capital markets.

Cautionary Note to U.S. Investors – The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. U.S. Investors are urged to consider closely the disclosures in our Form 10-K which may be secured from us, or from the SEC's website at http://www.sec.gov/edgar.shtml.

Forward-Looking Statements

This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by Shamika2Gold, Inc. are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the Company from time to time with the United States Securities and Exchange Commission and other regulatory authorities.

CONTACT: Shamika Resources, Inc.
         Robert Vivian, President and CEO
         514-939-9990 ext. 33
         www.Shamika2Gold.com

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

Discuss:

Discussion comments

,

Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 4.97%
$30K home equity loan FICO 5.23%
$75K home equity loan FICO 4.67%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.28%
13.21%
Cash Back Cards 17.74%
17.70%
Rewards Cards 17.01%
16.96%
Source: Bankrate.com