Mineral Hill and Ascot Agree Not to Proceed with Business Transaction
Further to previous announcements made regarding talks with respect to a possible business transaction between Mineral Hill Industries Ltd. (the Company) and Ascot Mining Plc, the Company wishes to announce that both companies have agreed not to proceed further with that business transaction.
Mineral Hill’s immediate focus is on the development of its Liberty Hill Gold Mine project, it announced on October 12th. The Company expects to receive early next year the renewal of the permit, which had expired in December 2009. Once the permit is renewed, the Company will upgrade the existing mining equipment and proceed, as the operator, with the processing of a previously stockpiled bulk sample of about 40,000 cubic yards of gravel and the preparation for processing of a further 1.4 million cubic yards of previously exposed material within the gold-bearing channel. The Company has completed the winterization of the mine site, plant, equipment, exposed soil and the material to be processed.
For further information, please contact:
Chief Executive Officer
Telephone: (604) 685-4170
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