News
May 10, 2007 - Cambridge Capital Announces Agreement to Acquire Additional Placer Gold Claims and Mining Equipment
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Real Estate Projects | Los Angeles, CA, May 10, 2007 — Cambridge Capital Holdings, Inc. (OTC:CCHI), reports that its Canadian subsidiaries have entered into two agreements to acquire additional placer gold claims and mining equipment in the Yukon Territory and British Columbia. The mines are named Maisy Mae Mine and Stanley Placer Mine, respectively. In the Maisy Mae Mine transaction, CCHI has agreed to acquire the rights to 106 contiguous placer gold claims and numerous items of equipment and machinery to be used in the mining of the claims. The claims have estimated reserves in excess of 200,000 ounces of gold. The total purchase price will be $2.6 million USD, of which $160,000 USD has been paid to the seller. An additional $1.44 million USD has been deposited in an interest bearing trust account pending completion of due diligence, title searches and transfer of water and mining rights. The balance of $1 million USD will be paid over a three year period. The transaction is expected to close on or before June 15, 2007. In the Stanley Placer Mine transaction, CCHI has obtained an option to acquire the rights to a single placer gold claim comprising approximately 850 acres. Once the estimated reserves of gold have been determined, the Company will decide whether or not to exercise its option. If exercised, the total purchase price will be $300,000 CAD, plus royalties based on actual production, of up to an additional $1.7 million CAD. The transaction is expected to close on or before November 30, 2007. In connection with the acquisitions, CCHI Canadian Holdings, Inc. formed a new wholly owned subsidiary, Maisy Mae Mining, Inc., which will be assigned ownership of the Maisy Mae Mine after closing. The Stanley Placer Mine abuts the Company's Dryup Gulch Mine, and its operations will be assigned after closing to CCHI Dryup Gulch, Inc., another wholly owned subsidiary of CCHI Canadian Holdings, Inc. Simultaneously, CCHI, through subsidiaries, has entered into an operating agreement with an affiliate of Business Resources LLC to operate the Maisy Mae Mine. Both transactions are subject to ongoing due diligence and title searches to be completed by the Company prior to closings. However, the Company is scheduled to commence mining operations at both the Maisy Mae Mine and its previously acquired Dryup Gulch Mine by the end of May, 2007. About Cambridge Capital Holdings, Inc. Cambridge Capital Holdings, Inc. owns and conducts gold mining operations through its CCHI Canadian Holdings, Inc. subsidiary. The Company purchases and sells real estate for investment and/or development through its FiCorp, Inc. subsidiary. The Company's offices are located in Los Angeles, CA. This press release contains statements that are forward-looking, including comments on future business plans, investments, market conditions, revenue growth, expense management, and outlook. Any number of conditions may occur which would affect important factors in this analysis and materially change expectations. These factors include, but are not limited to, known and unknown risks, changes in technology; success of cost-containment programs; ability to successfully identify, negotiate, close and integrate acquisitions and investment opportunities; shifts in competitive patterns; decisions with regard to products and services; changes in revenues and profits; and significant changes in the market environment. For a description of the foregoing and other factors, investors and others should refer to the company's filings available at www.pinksheets.com, including but not limited to information under the headings "Business Overview," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and particularly under the subheading "Risk Factors" there under in its annual report for the year ended Dec. 31, 2006; and other periodic reports. Cambridge Capital undertakes no obligation to update the forward-looking statements contained herein to reflect changed events or circumstances after today's date. |