NEW YORK, Feb. 1, 2012 (GLOBE NEWSWIRE) -- Sagebrush Gold, Ltd. (OTCBB:SAGE) ("Sage" or the "Company") announced today that on January 26, 2012 it entered into an Option Agreement with American Strategic Minerals Corporation, a public exploration and development company based in Colorado (OTCBB:ASMC) ("AMICOR"), pursuant to which AMICOR received the option to purchase certain of the Company's uranium properties within ninety days. In consideration for the Option, AMICOR issued the Company 10,000,000 shares of its common stock and a six month promissory note in the principal amount of One Million Dollars ($1,000,000), payable upon the satisfaction of certain conditions. On January 26, 2012, AMICOR paid $500,000 towards the balance of the note. Sage has the right to retain the consideration regardless of whether AMICOR chooses to exercise the Option. Prior to the exercise of the Option, Sage shall retain the right to explore, develop or operate on any of the uranium properties. Sage owns approximately 26% of the issued and outstanding common stock of AMICOR.
AMICOR holds several uranium exploration and development properties.
Sage's Chairman, Barry Honig, stated: "We are very pleased to have signed this deal with AMICOR as it allows Sagebrush Gold and our shareholders to realize value from our uranium assets. By giving an Option to AMICOR to purchase our uranium assets, Sagebrush Gold will receive the benefit of having a minority investment in a Company with terrific management. George Glasier, the President, Chief Executive Officer and Chairman of AMICOR is a proven professional in the uranium sector who we believe will significantly enhance shareholder value. Sagebrush Gold will continue to focus its energies on exploration and land acquisition."
About Sagebrush Gold, Ltd.
Sagebrush Gold, Ltd. is a junior gold exploration company focused on searching for world class resources and seeking out potentially significant gold exploration and development targets in Nevada's leading gold districts.
Legal Notice and Safe Harbor Statement
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of1934. All statements, other than statements of historical fact, including, without limitation, those with respect to the objectives, plans and strategies of the Company set forth herein and those preceded by or that include the words "believes," "expects," "given," "targets," "intends," "anticipates," "plans," "projects," "forecasts" or similar expressions, are "forward-looking statements." Although the Company's management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve a number of risks and uncertainties, which could cause the Company's future results to differ materially from those anticipated. Potential risks and uncertainties include, among others: general economic conditions and conditions affecting the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; fluctuating mineral and commodity prices; risks of junior exploration and pre-production activities; maintenance of important business relationships. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in the Company's filings with the SEC including the Annual Report on Form 10-K for the year ended December 31, 2010 and Quarterly Report on Form 10-Q for the quarterly periods ended June 30, 2011 and September 30, 2011, and each subsequently filed Current Report on Form 8-K. The Company assumes no obligation to update any of the information contained or referenced in this press release.