(Dallas, TX. – November 4, 2011) StockGuru Shines its Spotlight on Varca Ventures Inc. (OTCBB: VRCV). The Company announced on November 2, 2011, that it has acquired Wildcat Mining Corporation, a mineral and natural resource exploration company.
Varca Ventures is a publicly-traded company listed on the OTC Bulletin Board under the symbol “VRCV.OB.” The terms of the acquisition transfer ownership of the assets of Wildcat to Varca. These assets include the May Day Idaho Mine Complex. The Company closed on November 3, 2011, at $1.20, trading on volume of 2,500 shares.
The May Day Idaho Mine Complex is an area of approximately 275 acres which lies at the southern edge of the La Plata mountain range. This region has a history of lode silver and gold production.
Concurrent with the acquisition, Varca’s sole officer and director resigned and the four current directors of Wildcat were appointed the directors of Varca. The officers of Wildcat were also appointed to their same positions at Varca. Notably, Randall Oser is Varca’s new President, joining Roger Tichenor who is Varca’s new CEO.
The May Day Idaho Mine Complex is attempting to obtain a conditional permit to conduct mining operations. The Colorado Division of Reclamation, Mining and Safety has recommended that the Colorado Mined Land Reclamation Board approve Wildcat’s permit with conditions.
“Our decision to be acquired by a publicly-traded company is the next logical and timely step for Wildcat. The listing in the U.S. capital markets will potentially provide shareholders with access to liquidity, with the ability to increase the company’s market capitalization as it executes its business plan and as natural resource valuations continue to maintain current or higher levels,” stated Randall Oser, President of Wildcat.
Wildcat was incorporated in Nevada on October 5, 2005 to engage in the business of acquisition and exploration of natural resource properties. Wildcat is an exploration stage company with no revenues or operating history. It currently owns the May Day Idaho Mine Complex, which is located 15 miles west of Durango, Colorado, in the California Mining District, situated in the southern extent of the San Juan Mountains located in La Plata County, Colorado. Currently there are no known mineral reserves on the property. Wildcat has not earned any revenues to date, and its independent auditor has issued an audit opinion which includes a statement expressing substantial doubt as to its ability to continue as a going concern.
Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Words such as “expects,” “intends,” “plans,” “may,” “could,” “should,” “anticipates,” “likely,” “believes” and words of similar import also identify forward-looking statements. Forward-looking statements are based on current facts and analysis and on forecasts of future results, estimates of amounts not yet determined and assumptions of management. There are forward-looking statements within this news release, and actual results may differ materially from those currently anticipated due to a number of factors beyond the Company’s control. These risks and uncertainties include, among other things, competition, permitting, and the risk that the Company may not find any minerals in commercially feasible quantity. These and other risks are described in the Company’s 8K Report and other filings with the Securities and Exchange Commission.
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