PERTH, Australia, May 13, 2014 (GLOBE NEWSWIRE) -- Tierra Grande Resources Inc. (the "Company") (OTCBB:TGRI) is pleased to announce that it has signed an updated letter of intent ("LOI") to acquire the Buldibuyo Gold Project (the "Project") located in Peru for a total price of (USD) 8.7 million, comprised of (USD) 4.5 million cash and (USD) 4.7 million equivalent in shares, in accordance with a 30 month payment schedule. The LOI paves the way forward to finalize the purchase by entering formal agreements and commence work on the Project.
About The Buldibuyo Gold Project
The Buldibuyo Gold Project comprises of two mining concessions, an existing underground mine with excellent extensional opportunity, a carbon-in-pulp treatment facility, accommodation camp, site infrastructure, as well as two well defined exploration targets.
The Project is located approximately 800km North East of Lima in the Northern Peru Copper-Gold belt. The region is host to numerous world class gold mines, including the Retamas Gold Mine and the Horizonte Gold Mine which have both been operating for over thirty years and have similar Geology to Buldibuyo.
Andrew Gasmier, President & CEO of the Company, stated, "The Buldibuyo project represents a real near term production opportunity for Tierra Grande Resources to develop, as well as two very exciting exploration targets in a region that is well known for high grade underground gold mines. The Company believes that the Buldibuyo Gold Project will underpin the future of the company, generate cash-flow, create shareholder value and benefit the local community."
About Tierra Grande Resources Inc.
Tierra Grande Resources is an exploration stage company whose principal business is the acquisition and exploration of mineral resources. Information about the business of the company can be found in its filings with securities regulatory authorities.
This press release may contain forward‑looking statements that involve risks and uncertainties. These statements relate to future events or our future financial performance. In some cases, you can identify forward‑looking statements by terminology including "could", "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential" and the negative of these terms or other comparable terminology. While these forward‑looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested in this report. Except as required by applicable law, we do not intend to update any of the forward-looking statements so as to conform these statements to actual results. Investors should refer to the risks disclosed in the Company's reports filed from time to time with the Securities and Exchange Commission and available at www.sec.gov.
Mr. Andrew Gasmier, President & CEO, at +61 409 102 356