WMAC Holdings Corporation in Talks for Acquisition of Gold Mining Concession
NEW YORK, NY--(Marketwired - Sep 25, 2013) - WMAC Holdings Corporation (PINKSHEETS: WMAC) is pleased to announce that it is nearing conclusion in its talk with Golden Mark International, Inc., a 36-year old Philippine-registered corporation, with interests in Mining, Property Development and Construction.
Golden Mark which is capitalized at $83.33 Million Dollars holds a 100% controlling mining interests over 25,000 hectares of the mining concession in Zamboanga del Sur, Mindanao, Philippines, with proven reserves of gold, silver, copper, zinc, nickel and iron, the area being in the center of five (5) existing and operating mining companies which had been operating for the last 15 years, primarily producing gold, copper, silver, zinc and iron.
The Philippines is rated as the number 3 gold producing country in the world.
WMAC is particularly targeting an initial 1,000-hectare mining area, the 100-hectares of which had been previously mined by some 60 small scale miners, with each harvesting a monthly average of $1,000,000 US Dollars' worth of gold harvest alone, using a crude method of extraction.
Based on the official assay results obtained by WMAC, gold extraction alone is placed at a low of 3.5 grams per metric ton, to a high as 14 grams per metric ton.
Theoretically, processing some 480,000 metric tons of raw mineral rocks a year within the 1,000 hectares, WMAC expects to generate gross revenues of some $3.9-Billion US dollars in just within 30 years of operations, from the proceeds of sales from gold alone. Additional and substantial revenues can be expected from sales of silver, copper, zinc, silver and iron.
"This Potential Joint Venture / Partnership with Golden Mark International, Inc.'s Mining Activities is a very good addition to WMAC roster of acquisitions and a great contribution to WMAC Holdings' strength and can be a very lucrative opportunity for our company," stated Angel Gonzalez, Chief Financial Officer, WMAC Holdings Corporation.
Mr. Gonzalez also adds: "Details of this said transaction is currently being finalized between Golden Mark International, Inc.'s management and WMAC including the option to acquire the entire 25,000 hectares or more than half thereof."