Forest Gate Corporate Update
2012年4月3日 - 7:57AM
PR Newswire (Canada)
Symbol & exchange: FGE-V CALGARY, April 5, 2012 /CNW Telbec/ -
Forest Gate reports that its mineral exploration group continues to
work on the financing required to develop its two 100 percent-owned
iron ore properties located in the Abitibi region of central
Quebec. Forest Gate reports that it is actively exploring the
opportunity of a joint venture with another iron ore exploration or
steel company to develop the opportunity. "We are speaking with
several potential partners and we expect to have a deal done soon,"
said Michael Judson, Forest Gate's President. "We have a drilling
company ready to go and at a minimum we would like to have the
Pershing iron ore property advanced to a resource valuation stage
by year-end." Forest Gate reported the discovery of iron ore on its
Pershing property on August 11, 2011 (FGE news release, 11/08/11).
Drill hole FG11-03 intersected a banded iron formation with
magnetite intervals containing 29.3 iron%. Most important, Pershing
is 40 miles south of a CN-operated rail line which runs east to a
deepwater port and west to Canadian and American steel mills.
Forest Gate also says that its energy group continues to look at
opportunities to acquire oil-producing assets in Alberta and
Saskatchewan. The company is currently producing approximately 40
barrels of oil equivalent per day. In other news, a secured
creditor, with which Forest Gate inherited a credit facility, is
demanding repayment of a loan in the value of $120,572. The
loan, which originally was in the amount of $277,000 and has been
repaid in part, was incurred with the acquisition of a private oil
company (FGE news release, 23/12/10). The secured creditor says
that it plans to enforce its security over assets of the company.
"We are in discussions with the secured creditor and their counsel
regarding repayment and we expect a resolution to the matter will
be forthcoming soon," said Michael Judson. About Forest Gate Forest
Gate Energy Inc. is a publicly listed oil and gas exploration and
production, and non-energy resource company trading on the TSX
Venture Exchange under the symbol FGE. The Company is seeking to
increase shareholder value through participation and development of
energy and other resources in Canada and internationally.
FORWARD-LOOKING STATEMENTS Certain statements regarding Forest
Gate, including management's assessments of future plans and
operations and Forest Gate's anticipated financial performance, may
constitute forward-looking statements under applicable securities
laws and necessarily involve known and unknown risks and
uncertainties, most of which are beyond Forest Gate's control.
These risks may cause actual financial and operating results,
performance, levels of activity and achievements to differ
materially from those expressed in, or implied by, such
forward-looking statements. Such factors include, but are not
limited to: the impact of general economic conditions in Canada and
the United States; industry conditions including changes in laws
and regulations including adoption of new environmental laws and
regulations, and changes in how they are interpreted and enforced;
competition; the lack of availability of qualified personnel;
fluctuations in commodity prices; the results of exploration and
development drilling and related activities; imprecision in reserve
estimates; the production and growth potential of Forest Gate's
various assets; fluctuations in foreign exchange or interest rates;
the ability to access sufficient capital from internal and external
sources; and obtaining required approvals of regulatory
authorities. Neither TSX Venture Exchange nor its Regulation
Service Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
the accuracy of this release. FOREST GATE ENERGY INC. CONTACT:
Michael Judson, President &
CEO1-866-666-3040mjudson@forestgate.cawww.forestgate.ca
Copyright
Forest Gate Energy Inc. (TSXV:FGE)
過去 株価チャート
から 8 2024 まで 9 2024
Forest Gate Energy Inc. (TSXV:FGE)
過去 株価チャート
から 9 2023 まで 9 2024
Real-Time news about Forest Gate Energy Inc. (トロントベンチャー取引所): 0 recent articles
その他のForest Gate Energy Inc.ニュース記事