| Mill City Terminates Discussions With Vendor of Indonesian Project; Company to Focus on Mining Sector | |
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CALGARY, ALBERTA--(Marketwired - May 13, 2014) - MILL CITY GOLD CORP. ("Mill City" and/or the "Company")(TSX VENTURE:MC)(MCYGF)(FRANKFURT:NJ6) announced today that the Company will not be proceeding with an agreement to purchase up to a 75% interest in the North East Tanjung Block, an onshore oil and gas concession located in Indonesia. The vendor of the Indonesian project has been unable to raise the required funds to complete the reverse takeover. The details of the acquisition were previously outlined in the Company's news release dated February 13, 2014. Mill City management has determined it is in the best interest of the Company and its shareholders to focus on the mining sector. Jim Brown, Mill City President, comments, "We are very encouraged by the quality of precious metals projects that are available to us at a small fraction of the capital previously invested in their development by other companies. Therefore, we are taking the steps necessary to acquire and finance one or more of these opportunities for our stakeholders." Although management continues to investigate several such opportunities, no definitive negotiations or agreements have yet to occur. About Mill City Gold Corp. Mill City Gold Corp. is a TSX Venture Exchange listed exploration company that is focused on identifying and acquiring advanced precious metals projects in the most favorable jurisdictions around the world. For further information please visit the Company's website at www.millcitygold.com. ON BEHALF OF THE BOARD OF DIRECTORS James R. Brown, Chairman, President & CEO The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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Mill City Gold Corp
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EXPLORATION STAGE |
CODE : MC.V |
ISIN : CA5998052073 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Mill City Gold is a gold exploration company based in Canada. Mill City Gold holds various exploration projects in Canada. Its main exploration properties are SOUTHERN STAR EAGLE, CROXALL, NORTHERN STAR EAGLE and GP2 in Canada. Mill City Gold is listed in Canada and in United States of America. Its market capitalisation is CA$ 17.1 millions as of today (US$ 12.7 millions, € 11.2 millions). Its stock quote reached its highest recent level on November 05, 2010 at CA$ 1.87, and its lowest recent point on October 25, 2013 at CA$ 0.01. Mill City Gold has 89 939 000 shares outstanding. |