NEW YORK, March 13, 2013 (GLOBE NEWSWIRE) -- GNCC Capital, Inc. (Pink Sheets:GNCP) ("the Company") announced on March 1, 2013 that it was evaluating the potential acquisition of a Gold Exploration Property which is significantly larger than any exploration property in its present portfolio.
The Company is at this time awaiting the final purchase terms that are acceptable to the vendors. This includes Work Commitments, Net Smelter Revenues and other royalties. Should this acquisition be consummated, it will be funded through the issuance of a combination of new Preferred Stock in the Company and long term Loan Notes. The Company remains committed to its long standing pledge not to issue additional shares of its Common Stock.
This Gold Exploration property has had very satisfactory assay results from previous drilling programs and qualifies for far more extensive geological research and a systematic drilling program.
The Company recently announced that it has entered into a Line of Credit Agreement with Diamond Peak Resource Corporation ("Diamond Peak") in the amount of $1,000,000 primarily for the immediate and accelerated development of the Company's Mining Exploration Properties.
Should the Company complete this acquisition, it has the ability to increase the amount of this Credit Facility from Diamond Peak and source additional credit facilities should it so require.
The Company will continue to update stockholders as to the status of this acquisition.
About GNCC Capital, Inc.:
GNCC Capital, Inc. is primarily a Gold Exploration Company, with a secondary focus on Silver Exploration. The initial exploration properties are located in Arizona and consist of "Esther Basin, Burnt Well, Clara, Kit Carson, Silverfields and Potts Mountain". The Company intends to create significant value for its initial portfolio of properties through continued exploration, joint ventures, and through the acquisition of additional Gold and Silver Exploration assets. GNCC Capital, Inc. is a current information filer on the OTC Markets under the symbol "GNCP'.
The GNCC Capital, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=17259
Forward-Looking Statements
This press release may contain forward-looking statements. The words "believe," "expect," "should," "intend," "estimate," "projects," variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. These forward-looking statements are based upon the Company's current expectations and are subject to a number of risks, uncertainties and assumptions. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements are risks that are detailed in the Company's filings, which are on file with the OTC Markets Group.