CVRG In a deal with Uranium Hunter to buy a past producer in Arizona - PennyStockChaser.com
PRLog (Press Release) –
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CVRG (http://www.convergeglobalinc.com/) had some big news on Sunday afternoon.
The company is moving quickly towards production by buying a project with Uranium Hunter.
Sparrowtech Sells Mining Options to Uranium Hunter and Converge Global
2009-06-28 16:24 ET - News Release
TORONTO, ONTARIO — (MARKET WIRE) — 06/28/09
Sparrowtech Resources, Inc. (PINK SHEETS: SPMC) (”Sparrowtech”) announced today that it has entered into two option agreements on its recently acquired Eagle Nest Mining Property (”the Property”) in La Paz County, Arizona.
Eagle Nest Mining Property
Sparrowtech acquired a 100% interest in the Eagle Nest Mining Property (Claims AMC294529 and AMC294535) from D.A.R. Mining and Mr. Marvin Roe. These property claims include a previously producing Au-Cu-Ag-Fe (Gold, Copper, Silver and Iron) mine located 10 miles off Highway 95 in La Paz County. Easy access to the mine site and a good water supply will facilitate ease of construction for expansion of the mine site.
Uranium Hunter Corporation Option (www.uraniumhuntercorp.com)
Uranium Hunter Corporation (OTCBB: URHN) (”Uranium Hunter”) acquired an option from Sparrowtech to purchase a 49% Earned In Interest in the Property. Uranium Hunter paid to Sparrowtech US$45,000 and five hundred thousand shares of URHN Common stock.
Uranium Hunter is required to pay an additional US$150,000 toward exploration of the Property over a one year period.
Uranium Hunter also agreed to pay a 3% net smelter return royalty on the revenues from the production of gold and all other commodities produced from the Eagle Nest Mining Property’s hard rock, lode type mineralization and an additional US$15,000 to Sparrowtech on April 21, 2010, April 21, 2011 and April 21, 2012, respectively.
Uranium Hunter Corporation is an exploration company primarily targeting the uranium and precious metal industries in the resource sector. Initially, the Company was founded with the focus of developing a portfolio of quality uranium exploration properties in East Africa. With the recent shift in economic conditions, Management has decided to diversify the Company’s interest to include the precious metals industry.
Converge Global, Inc. Option (www.convergeglobalinc.com)
Converge Global, Inc. (PINK SHEETS: CVRG) (”Converge Global”) also acquired an option from Sparrowtech to purchase a 45% Earned In Interest in the Property. Converge Global paid to Sparrowtech US$30,000. Converge Global is required to pay five million shares of CVRG Common stock by July 15, 2009, US$20,000 by September 30, 2009 and an additional US$15,000 to Sparrowtech on June 27, 2010, June 27, 2011 and June 27, 2012, respectively.
Converge Global also agreed to pay a 3% net smelter return royalty on the revenues from the production of gold and all other commodities produced from the Eagle Nest Mining Property’s hard rock, lode type mineralization.
Converge Global, Inc. is an American-based junior mining company engaged in the acquisition, exploration and development of properties containing principally gold as well as other precious metals.
Cornelia Volino, President, stated, “We look forward to working together with both Uranium Hunter Corporation and Converge Global, Inc. in the exploration and development of the Eagle Nest Mining Property. We believe these alliances will be beneficial to the Property and to the growth of Sparrowtech.”
Sparrowtech further announced that it will be the Operator Manager of the exploration programs on the Eagle Nest Mining Property and will be entitled to a 15% administration fee on exploration expenditures.
About Sparrowtech Resources, Inc. (www.sparrowtech.net)
Sparrowtech Resources, Inc. (PINK SHEETS: SPMC) is an exploration and resource development company focused on acquiring environmentally conscious mining operations, primarily in North and South America. The Company’s leadership team plans to identify unique opportunities to extract gold and other precious metals from previously producing or producing mines and/or establish new discoveries in recognized gold districts. The Company’s strategy follows socially responsible production by supporting improved working conditions and modernization techniques that leave little to no carbon footprint.
Contacts:
Sparrowtech Resources, Inc.
Cornelia Volino
President
416-915-3176
info@sparrowtech.net
www.sparrowtech.net
We are expecting a bounce back in CVRG’s stock price. It looks very cheap under .06. Last time it was down this low it bounced to .09 for a 50% gain for fast moving members.
http://www.stockscores.com/quickreport.asp?ticker=cvrg
For more information on CVRG, please join us @ www.pennystockchaser.com
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Forward-Looking Statement: This press release includes “forward-looking statements” within the meaning of the federal securities laws, commonly identified by such terms as “believes,” “looking ahead,” “anticipates,” “estimates” and other terms with similar meaning. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from the Company’s projections and expectations are disclosed in the Company’s filings with the Securities and Exchange Commission. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions.
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