TORONTO, Nov. 12, 2004 (PRIMEZONE) -- Osprey Gold Corp. (OTCBB:OSGL) announced Management is developing a new plan or "Outlook" to place Osprey on solid footing in the exploration and development of its resources, while it commences funding negotiations (in other news, corrects unauthorized statements).
New Outlook, Plan Under Development
The Board of Directors realizes the need to formulate a comprehensive plan, which will put Osprey requirements for working capital, exploration funding, and stable business operations in first place for this year end, and the upcoming "New Year." A new, first place plan should help to put the business needs as a priority.
President Gordon Leliever is taking steps to organize staff and resources, including bona fide consultants and professional advisors, to develop and release the plan in the days ahead. Joint ventures, strategic partners and initiatives will be considered and formulated, with talks already underway, discussed below. The Company has already taken steps to terminate and engage persons and firms as necessary, and will not hesitate to take action in the best interests of operational goals. Details on the "New Outlook" will be released soon, as Osprey enters an exciting phase of development.
Negotiations Underway, New Funding
Osprey, as most companies today, is a business which relies upon capital to supplement or support operational needs while cash flow goals are still on the horizon. Day to day and larger developmental needs must be met, and so Osprey is pleased to confirm discussions are underway with a new, potential funding source. Meetings have already been held in the field and in corporate offices in Toronto with representatives of U.S. source this week, and are expected, without guarantee, to result in positive news in the days ahead, as all company resources, including Management and lawyers, are put into play to come to terms.
Other News
In other news, needs to pursue a new plan and end relationships has resulted in persons, no longer with Osprey, seeking to influence the direction of the Company through unauthorized actions, such as a recent unauthorized, non-Company release indicating a shareholders meeting is scheduled. Osprey has reviewed this with counsel and notes no meeting is scheduled. The only authorized news and notices concerning Osprey are those released from Company headquarters, as Press Releases, by the President, not by third parties.
About Osprey
Osprey is a dynamic, opportunity rich development stage company focused upon exploration and development of significant gold resources primarily in the Canadian region. Management believes the Company is poised for significant future recovery, based upon Management's estimations coupled with the advice of industry professionals. Certain Information
Certain statements above are forward-looking based on Management's expectations or estimates, subject to change. Words like "anticipates," "expects," "intends," "plans," "projects," "believes," "estimates" and similar identify them. They are not guarantees of performance or otherwise and are subject to risks, uncertainties and other factors, some beyond control and difficult to predict. Therefore, outcomes may differ materially from these statements. Do not place undue reliance on them. Unless legally required, the Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. The Company disclaims information created or distributed by any outside party and endorses only its official Press Releases; those released by the President. Figures are estimates unless otherwise noted and are subject to final figures in financial filings with the SEC. Comments concerning plans, filings, reports or other documents are limited in that they may express opinions or be summaries of less than all of the information.