Kirkland Lake Ontario Mistango River Resources Inc. (MIS.CNSX) (GLRAF:OTC) (“MIS” or the “Company” is pleased to announce it has signed a Memorandum of Understanding (MOU) with United Commodity AG (UC) of Thun of Switzerland regarding reprocessing of the tailings from the former Omega mine situated on the Company”s property located in Larder lake Ontario.
Details of the MOU are summarized below.
1. Mistango provides the feed and UC and /or UC-R makes the feed processing
2. If it makes economically sense, UC will install in 2012 on its own costs a Concentrator Facility on Mistango”s mining property with the purpose to concentrate the feeds before shipment to UC”S refinery. UC will extract all remaining heavy and noble metals +neutralize contaminated concentrates.
3. Mistango provides an exclusive feed recycling right to UC until the processing of the tailings is completed.
4. The two parties agree a profit (revenue minus processing costs) sharing.
5. UC is responsible for all permits and any new environmental liabilities that should occur because of UC”s tailings recycling operation.
About Mistango
Mistango River Resources Inc. is a Canadian based exploration and development company holding several properties in Ontario and Quebec, including large land holdings in the Kirkland Lake region. Mistango specializes in precious metals and VMS hosted base metals, with recent projects centered on the Omega and Sackville properties in Ontario. Mistango brings a distinguished board and technical staff with expertise and many years in mineral exploration and mining fields.
This news release contains certain “forward-looking information”. All statements, other than statements of historical fact that address activities, events or developments that Mistango believes, expects or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of Mistango based on information currently available to Mistango. Forward-looking statements are subject to a number of significant risks and uncertainties and other factors that may cause the actual results of Mistango to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on Mistango. Factors that would cause actual results or events to differ materially fromcurrent expectations include, but are not limited to, Mistango”s decision to cancel its exploration program on its Omega gold property.
For further information please contact:
Mistango River Resources Inc.
Robert J. Kasner, President and CEO
Telephone: 1 705 567 5351
E-mail: kasner1@ntl.aibn.com
Mistango River Resources Inc.
Donald Kasner, Investor Relations
Telephone 705-570-1019
E-mail: drkkasner@yahoo.ca
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