TORONTO, Sept. 14, 2011 (GLOBE NEWSWIRE) -- Aspire International Inc. (Pink Sheets:APIT) today announced that it has entered into a new Letter of Intent to acquire a controlling interest in a gold-bearing concession known as the Guilin Deposit in the Guangxi Zhuang Autonomous Region of southern China.
The company had previously entered into an LOI to acquire the Guilin gold-mining rights in January of this year through a subsidiary that the company subsequently divested itself of as part of a corporate realignment.
The new LOI includes significantly improved terms for Aspire.
China has been the world's top gold producer since 2007. Most of that gold stays in the country, fabricated into jewelry and other manufactured items to meet a rapidly growing demand from China's increasingly wealthy middle and upper classes.
The Guilin gold concession is located in an emerging gold-producing region of southern China. It covers 3.95 square kilometers and is known to contain a minimum of five zones of gold mineralization, of which two are in production and considered economically viable.
According to due-diligence survey work commissioned by Aspire, as well as prior extensive geological work by Chinese government geologists and others, the primary deposit may contain over one million metric tons of commercially mineable gold-bearing ore, with considerable additional potential to further expand the resource.
Aspire CEO Bok Wong commented, "We consider the Guilin Deposit to be an exceptionally high-value prospect for Aspire. We intend to enter into a definitive agreement with respect to this project within the next 60 days."
About Aspire International Inc.
Aspire International Inc., www.aspireinternationalinc.com, is a U.S. corporation whose executive offices are in Toronto, Ont., Canada. Aspire is an emerging holding company focused on resource, ecommerce and high-tech projects.
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