DENVER, Aug. 10, 2005 (PRIMEZONE) -- Capital Hill Gold Inc. (OTCBB:CHGI) reports that the Federal Government of Nigeria will, on August 26, award licenses to about 47 oil block concessions under the 2005 Bid Round. That action is expected to bring in new players into the nation's petroleum industry and to also stimulate investments in the downstream sector.
Capital Hill and Oil and Industrial Services Ltd (OIS) have bid on three of the 47 oil block concessions for this round.
Capital Hill's President Dan Enright met with Managing Director of OIS Kenneth Worgu in Philadelphia on Friday to discuss strategies post-August 26 for their Joint Venture Partnership in its West African oil property development.
Over the next five years, one in five new barrels of oil on the global market will come from the Gulf of Guinea, and more than $33 billion will be invested in the region, 40 percent of it from American companies, the Washington-based Center for Strategic and International Studies estimates.
Capital Hill's Nigerian development partner is OIS (http://OIS-International.com). The OIS group employs around 400 personnel and is proud to include major companies such as Chevron, Shell, Mobil, AGIP and other world-renowned companies within its client base.
About Capital Hill Gold Inc. (CHGI)
Capital Hill Gold's strategic objective is to obtain controlling interests in petroleum, uranium and other strategic and precious metal properties with excellent exploration potential for economically significant to world-class ore deposits. CHGI has acquired rights to several mineral exploration properties with uranium, gold and silver, and is actively negotiating for the acquisition of additional properties.
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
HTML:http://newsroom.eworldwire.com/wr/081005/12426.htm PDF:http://newsroom.eworldwire.com/pdf/081005/12426.pdf ONLINE NEWSROOM:http://newsroom.eworldwire.com/306721.htm LOGO:http://newsroom.eworldwire.com/306721.htm