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NEW YORK, Feb. 8, 2013 (GLOBE NEWSWIRE) -- Legacy Wine & Spirits International Ltd. (Pink Sheets:LWSP) announces the signing of a Letter of Intent ("LOI") with Mojave Gold Corporation ("Mojave"),
www.mojavegoldcorp.com of Largo, Florida.
The LOI allows for Legacy to have the right to earn up to a 30% interest in Target #1(Kaburi Anorthosite) of Mojave's PGM Project in their Platinum/Palladium licenses in Guyana. The arrangement also calls for an exchange of shares for both companies and a cash commitment from Legacy to Mojave for the Target #1 work program.
Mojave, through its majority owned subsidiaries GlobalMin LLC and GlobalMin Guyana Inc. have already been granted an exclusive Reconnaissance Permit (Permission for Geological and Geophysical Survey) to work on the concessions. The negotiations for the Permit were conducted directly with Guyana's Prime Minister, with review by the Guyana Geology and Mines Commission (GGMC).
"With more than a decade of substantial Guyana field and analytical work performed by Dr. Paul Lechler, the retired Nevada Bureau of Mines and Geology Chief Geochemist, we feel very excited to be part of this tremendous opportunity which will greatly enhance our shareholders' share value," states Jaclyn Cruz, President.
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Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical fact are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays in testing and evaluation of products and other risks detailed from time to time in Legacy's filings with the Securities & Exchange Commission.