Closes Dominican Republic Acquisition
VANCOUVER, BRITISH COLUMBIA - (Marketwire - Nov. 9, 2012) - Precipitate Gold Corp. (TSX VENTURE:PRG) announces that, further to its news releases of August 16, 2012 and September 24, 2012, it has closed the acquisition of 100% of the issued capital of 0945044 BC Ltd. a private company that owns a 100% interest in the Juan de Hererra and Higos Blancos gold exploration concession applications in the Dominican Republic through its wholly-owned subsidiary. The Company has received confirmation of all corporate and property registrations in the Dominican Republic and TSX Venture Exchange approval.
Based thereon, Precipitate has paid $60,000 to purchase the shares of 0945044 BC Ltd. and will earn the right to retain the shares of 0945044 BC Ltd. by paying staged share and cash payments and completing work commitments on the concessions over a three year period starting on the date the concessions are granted, with any exploration expenditures made during the application period being credited against its obligations. Additional information can be viewed on the company's website www.precipitategold.com.
Additionally, the Company announces the resignation of Darcy Krohman as President, CEO and Secretary. Mr. Krohman is replaced by Mr. Michael Moore on an interim basis. The Company would like to take the opportunity to thank Mr. Krohman for his work with the Company and wish him success for the future.
About Precipitate Gold Corp.
Precipitate Gold Corp. is focused on exploring and developing its gold properties in the Dominican Republic and northwestern Canada. With a proven management team, a growing portfolio of quality gold assets, including a prospective concession adjacent to GoldQuest's Tireo holdings in the Dominican Republic, and $1.8 million in working capital, the Company is well positioned for continued growth.
On Behalf of the Board of Directors of Precipitate Gold Corp.
Michael Moore, Interim President & CEO
This press release may contain "forward-looking information" within the meaning of applicable Canadian securities legislation. This forward-looking information reflects the Company's current beliefs and is based on information currently available to the Company and on assumptions it believes are reasonable. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Precipitate to be materially different from those expressed or implied by such forward-looking information. In this instance, there is no assurance the exploration concessions will be granted on a timely basis or at all, such that the Company may not earn any interest in the intended mineral claims. Although Precipitate has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Precipitate does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.