TORONTO, March 22, 2011 (GLOBE NEWSWIRE) -- Aspire International Inc. (Pink Sheets:APIT) today announced that pursuant to its Letter of Intent to acquire the Guilin Gold concession located in the Guangxi Zhuang Autonomous Region of southwestern China, the company is moving towards completion of the transaction.
The South China Craton and its associated orogenic belts contain some of the most important metallogenic provinces in China that include world-class industrial, base and precious metal deposits. Pursuant to its Letter of Intent, Aspire GuangXi Inc., a subsidiary of Aspire International, has secured a majority interest in, and is moving towards completing the acquisition of, the Guilin Gold Deposit, a 3.95 sq. km. concession known to contain a minimum of five zones of gold mineralization in an area containing numerous mineralized zones, two of which are in production.
According to recent due-diligence survey work commissioned by Aspire, as well as prior extensive geological work by Chinese government geologists and others, the primary deposit may contain over one million metric tons of commercially mineable gold-bearing ore, with considerable additional potential to further expand the resource.
A more detailed mapping and drilling program is planned in a first and second stage pre-production exploration program as a follow up to the recent exploration program that yielded assay sample results from the Guilin Gold concession ranging from 0.024 to 43.1 grams of gold per metric ton of ore.
CEO Bok Wong commented, "We are delighted to report that we are nearing the finalization of this first of several planned acquisitions in the precious metals arena that we have been working on for some time. We believe it will complement our Manganese mine production, providing a significant additional source of revenue.
"We are confidently moving to completion of this acquisition on behalf of Aspire, and expect to expand the resource in due course as we further develop its full mining potential, which we believe will contribute strongly to our future growth."
About Aspire International
Aspire International Inc., , is a Maryland corporation whose executive offices are in Toronto, Ont. Canada. The company recently acquired and now operates a Hong Kong-based international B2C shopping mall, "My Global Online Shop" (Mygos) – a platform that enables anyone to start his or her own business online. Mygos currently hosts over 80,000 active stores.
Also, through its Chinese subsidiary, Aspire GuangXi Inc., a Wholly Foreign Owned Enterprise (WFOE), it is engaged in the acquisition, exploration and development of mineral properties in the Guangxi Zhuang Autonomous Region of southwestern China, prospective in particular for manganese and gold.
Aspire's principal manganese mining property covers an area of 21.3 square kilometers containing 7.4 million metric tons of ore according to an NI 43-101 compliant report certified by a qualified geologist with more than thirty years experience. The on-site operations are led by a highly capable Chinese management team.
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Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties, both known and unknown, that may cause actual future results to differ materially from those indicated in the forward-looking statements. Our ability to predict future results of current plans or strategies is inherently uncertain. Factors that could have a material adverse affect on our future operations and prospects include, but are not limited to: competition, interest rates, changes in economic conditions, litigation, political and regulatory changes, the cyclical nature of the mining industry, technical issues inherent in the mining process, our ability to attract and retain qualified personnel, the availability of capital and a change in demand for minerals produced. These risks and uncertainties should be considered when evaluating forward-looking statements, and undue reliance should not be placed on such statements.
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CONTACT: Investor Relations CenterPoint Communications Group, LLC Todd Lorenze 386-775-2020 x 1 www.centerpointcg.com