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VG Resources Ltd (VGRE)

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Friday 14 June, 2013

VG Resources Ltd

Deal with VGMC not proceeding


VG Resources: Deal with VGMC not proceeding

On 6th October 2012 the board of VG Resources Limited (VG) announced that it
agreed terms with Virgin Gold Mining Corporation of Panama (VGMC) under which
VG would acquire a range of assets from VGMC. VG emphasised that the deal with
VGMC was to be an asset acquisition and did not entail VG acquiring any shares
in VGMC.

The Board of VG Resources advises that the acquisition of assets from VGMC will
not go ahead. The companies have not concluded this arrangement and VG
Resources continues to identify relevant and value adding acquisition
opportunities.

As with all important business decisions, thorough evaluation of proposed
acquisitions need to deliver shareholder value and this remains the first and
foremost priority for the business.

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Additional Information:

VG Resources Limited was admitted to trading on GXG Markets-OTC on 27 September
2012

Its mission is to acquire one or more operating businesses through a merger,
share purchase, asset acquisition, reorganization or similar transaction. Its
initial efforts will be focused on businesses whose principal operation is gold
mining in Central and South America. For this purpose, the term "gold mining
business" includes related activities such as evaluation, exploration,
development and production.

Safe Harbour Statement: The statements contained herein which are not
historical 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 beyond the company's control with respect to market acceptance
of new technologies or products, and other risks detailed from time to time.

For more information (press only)

VG Resources Limited Ticker Symbol: VGRE

ISIN: GB00B7W1CR08

Email address:[email protected]

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