Dallas, Texas (June 30, 2011) – StockGuru focuses on Pan American Goldfields, Ltd., a Delaware corporation (OTCBB: MXOM) as it announced that it has entered into a binding letter agreement (the “Letter Agreement”) with Minera Rio Tinto, S.A. de C.V., (“MRT”) and Marje Minerals S.A., entities organized under the laws of the United Mexican States (“MM”), to increase its interest from 40% to 80% in the Cieneguita project located in Chihuahua State, Mexico. MRT will retain a 20% participating interest, subject to dilution under a definitive joint venture agreement to be finalized between the parties. Under the Letter Agreement, the Company shall direct the preparation of the feasibility study evaluating the future development of the Cieneguita project. Pan American Goldfields, Ltd. closed on June 29, 2011, at $0.1799 trading on volume of 355,456 shares.
The Letter Agreement provides that the parties will use their best efforts to negotiate, finalize and execute definitive agreements, which will amend and restate the existing agreements between the parties related to the Cieneguita project. The definitive agreements are expected to be completed in 60 days. The Letter Agreement is binding on the parties. Pending completion of the definitive agreements, the Company has the right to immediately commence preliminary work and analyses on the Cieneguita project and propose preliminary work plans and budgets for the joint venture.
Forward-Looking Statements Except for statements of historical fact, the matters discussed in this press release are forward looking and reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond our control and may cause actual results to differ materially from stated expectations. For example, there can be no assurance that we will complete the definitive agreements with MRT and MM on a timely basis, or at all. Actual results may also differ substantially from those described in or contemplated by this press release due to risks and uncertainties that exist in our operations and business environment, including, without limitation, our ability to enter into definitive agreements with MRT and MM, our ability to successfully complete the feasibility study for the Cieneguita property, and our ability to raise funds to support our future operations, and other risks described from time to time in our filings with the Securities and Exchange Commission. We undertake no obligation to release publicly the results of any revisions to these forward-looking statements to reflect events or circumstances arising after the date hereof.
SOURCE: Pan American Goldfields Ltd., a fully reporting company in United States and Canada
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