June 12, 2012
Mineseeker Operations (“Mineseeker”) announced today that it has completed all of the necessary joint venture agreements with its South African partner, MMRR Risk Management, and that Mineseeker Operations Southern Africa has been established and is fully compliant with the corporate legal framework in South Africa.
The company can now move forward with the next steps in contract negotiations for minefield surveys with the South African and Angolan governments, following on from high level discussions which have already taken place earlier in the year.
Mineseeker Commercial Director, Mark Dorey, commented, ‘Since the signing of a Memorandum of Understanding in March this year, all of the formalities and necessary documentation has now been completed. Our joint venture is held 74% by Mineseeker, and 26% owned by our local partners under the South African Black Economic Empowerment regulations that govern the corporate structural requirements of foreign joint venture partners.
’While significant background negotiations have been taking place, over the last three months, it was necessary to complete these formalities before moving forward,’ he added.
The company will now tender, by invitation, for aerial surveys for several specified areas in South Africa, with an initial tract of focus being an estimated several hundred square kilometres. An additional visit to Angola is being scheduled for detailed discussions on very large areas of mine affected land which is holding back the country’s rapid economic growth.
Mineseeker is also poised to announce further initiatives in the Southern Africa region to support its drive to deliver its vision of compassionate capitalism in the region, and is also on the verge of completing joint ventures in a number of other key territories.
The company is planning to issue a comprehensive corporate release in approximately fifteen days to update shareholders and potential investors alike on our progress.
Safe Harbor Statement
This release contains forward-looking statements that relate to future events or performance. These statements reflect the company’s current expectations and are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. The company does not undertake to update or revise these forward-looking statements, even if experience or future changes make it clear that any projected results expressed or implied in this or other company statements will not be realized. Furthermore, readers are cautioned that these statements involve risks and uncertainties, many of which are beyond the company’s control, which could cause actual results to differ materially from the forward-looking statements. Factors that could cause these differences include, but are not limited to, the acceptance of our products, lack of revenue growth, failure to realize profitability, inability to raise capital and market conditions that negatively affect the market price of our common stock. The Company disclaims any responsibility to update any forward-looking statements.