Harmony Gold Mining Company Limited - Depositary Receipt (Common Stock) press release
Unigold Inc. announces hosting a Saudi Forum
NYSE - New York Stock Exchange · South Africa
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TORONTO, May 28 /CNW/ - Unigold Inc. ("Unigold" or the "Company") (TSX-V: UGD) is pleased to announce a successful hosting of a Saudi Forum on May 23, 2007. The Forum hosted an elite group of Saudi businessmen who were invited to get informed about the company's past achievements and future plans. The elite group consisted of 17 well known businessmen in Saudi Arabia who are interested in new business opportunities.
Unigold's chairman, Dr. Talal Alshair, and the senior management of the company participated in the event. Dr. Alshair greeted all participants on behalf of the company and on behalf of Shairco who is the major shareholder in Unigold.
The event included the following: A presentation by Dr. Ibrahim M. Eitani, President & CEO and member of the board, on the company's corporate affairs as well as highlights of what a junior exploration company objectives and strategies are as well as the benefits of Micro mining suitable for junior companies. Dr. Eitani also showed the past achievements and stressed on the milestones to be achieved by the company during the year 2007. A technical presentation on the geologic exploration programs completed and planned for 2007 was made by Mr. Daniel Danis, Vice President & COO and a member of the board, who also highlighted some important facts of being in the business of gold. Dr. Talal Alshair closed the event by highlighting the achievements made during the period of January 2006 to May 2007 and expressed his vision, to the participants, on the future of the company. This can be summarised as follows: Since the beginning of 2006, the market share price has reflected the turn around of the company business operations which in turn has lead to the appreciation of the market share price from as low as C$0.20/Share to as high as C$0.85/Share. This market share price appreciation was realised due to the qualified/experienced management and the extensive exploration programs the company has implemented during such a period. The company is still pursuing its objective for secondary listing on the Dubai Stock Exchange which will provide the opportunity for Middle East businessmen to have access to trading of the company's shares. The company will not remain as a junior exploration company for long and will get into the mining operation activities in the near future. The company is actively seeking potential business projects, which will bring value added to Unigold, by way of mergers and acquisitions and is currently evaluating several such opportunities. The company is also considering diversification of its business portfolio and is evaluating several gold occurrences, with potential, in Saudi Arabia. The Company will endeavour to build equity for its shareholders by not only developing the present concessions in the Dominican Republic but also in other areas of the world.
In conclusion, the chairman invited all participants to be part of Unigold's bright future and most of the participants were very pleased to know about this opportunity and have affirmed their commitments to participate.
About Unigold Inc.
Unigold Inc. is exploring to find and develop gold deposits on its 100-per-cent-owned 226 km(2) Neita property located in the Dominican Republic. Having the largest land package in the Dominican Republic, the goal is to target bulk tonnage, open pittable, oxide gold deposits within a similar setting to the world class Pueblo Viejo gold project which occurs within a broad northwest trending Cretaceous age volcanic greenstone belt that transects the Dominican Republic. The economics of any discovery will be significantly improved by the fact that Unigold is benefiting from a 20-year holiday on all corporate taxes, sales taxes and import duties in the Dominican Republic.
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Certain statements contained in this document, including statements regarding events and financial trends that may affect our future operating results, financial position and cash flows, may constitute forward-looking statements within the meaning of the federal securities laws. These statements are based on our assumptions and estimates and are subject to risk and uncertainties. You can identify these forward-looking statements by the use of words like "strategy", "expects", "plans", "believes", "will", "estimates", "intends", "projects", "goals", "targets", and other words of similar meaning. You can also identify them by the fact that they do not relate strictly to historical or current facts. We wish to caution you that such statements contained are just predictions or opinions and that actual events or results may differ materially. The forward-looking statements contained in this document are made as of the date hereof and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ materially from those projected in the forward-looking statements. Where applicable, we claim the protection of the safe harbour for forward-looking statements provided by the (United States) Private Securities Litigation Reform Act of 1995.
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