Pahang, Malaysia (PRWEB) March 24, 2014
Verde Resources, Inc. (OTCQB: VRDR), through its deemed subsidiary Champmark Sdn Bhd (CSB), has engaged Borneo Oil And Gas Corporation Sdn Bhd (BOG) as the sub-contractor to carry out exploration and exploitation works on alluvial and lode gold resources at Site IV-1 of the Merapoh Mine in Pahang, Malaysia. The Sub-Contract Agreement is for a period of 5 years with a renewal for another 5 years subject to review by both parties.
BOG is a wholly-owned subsidiary of Borneo Oil Berhad (BOB) which is listed on the main market of Kuala Lumpur Stock Exchange. BOB, a Malaysia-based company, is engaged in investment holding and provision of corporate and management services. And BOG being a local company in Malaysia provides the Company with the added advantage of local knowledge and well-established connection in dealing with the relevant local authorities in our mining operations.
The Company shall work closely with BOG on carrying out exploration works on lode gold at Site IV-1 of the Merapoh Mine with the objective of identifying potential high grade gold resources that could lead to the future expansion of production at the mine site. Under the Sub-Contract Agreement, the Company has mutually agreed with BOG to jointly provide funding to set up the mining infrastructure for the exploitation of lode gold at Site IV-1 of the Merapoh Mine.
Mr. Wu, President of Verde Resources, said, “We are very pleased to enter into partnership with our sub-contractor BOG to meet both the long and short term plans of Verde Resources. This partnership demonstrates the confidence of our sub-contractor in our Merapoh Mine. Together, we are in a stronger position to support our business growth initiatives seeking to expand the existing alluvial production and to facilitate future lode gold exploration and exploitation activities."
About Verde Resources, Inc.
Verde Resources, Inc. is an exploration stage mining company focused on global mining acquisition and development opportunities. Verde owns the management rights of Site IV-1 of the Merapoh Gold Mine in Pahang, Malaysia, which has four tons of alluvial gold resources and potential 30 tons of lode gold. Verde is also exploring for potential rare earth elements deposits in various parts of the world.
For more information, please contact Michael Liang: 852-215-21223 .
Safe Harbor Statement
This release includes forward-looking statements, which are based on certain assumptions and reflects management's current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include: general global economic conditions; general industry and market conditions, sector changes and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify and develop and achieve commercial success; the level of expenditures necessary to maintain and improve the quality of services; changes in the economy; changes in laws and regulations, including codes and standards, intellectual property rights, and tax matters; or other matters not anticipated; our ability to secure and maintain strategic relationships and distribution agreements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.