NEW YORK and JAKARTA, Indonesia, July 23, 2014 (GLOBE NEWSWIRE) -- Vanguard Mining Corporation (Pink Sheets:VNMC) today announced that PT Raksasa Metal Agung, an Indonesian partner of the Company's, has reported highly favorable results from its recent survey of the prospective gold and copper mining area in Karang Tengah District, Wonogiri Regency, Central Java Province, Indonesia, with copper content of over 14%, silver at 17.50 ppm and gold 9.20 ppm.
PT Raksasa Metal Agung is in the process of securing the required licensing and permitting from the appropriate governmental agencies in order to begin operation and production at this location. VNMC believes this joint venture project may be the first one in Indonesia to generate revenues and cash flows for the Company, though on a smaller scale compared to the potential of the 8,100-hectare gold concession PT Cendrawasih International in Mandailing Natal, North Sumatra and other opportunities the Company is currently also developing.
On another note, following the termination of the high calcium carbonate project in Northern Central Vietnam and the realignment of its portfolio holdings, VNMC reiterates its warning that potential investors should not rely on historical financial information that has been published by the Company heretofore to make any investment decisions with respect to the Company's securities.
The Company is currently focused on executing its exploration and mining plans in Indonesia and will complete its financial audits in order to file a registration statement to resume its fully reporting status with the Securities and Exchange Commission and upgrade the trading venue of the Company's stock. The Company's common stock used to trade on the NASDAQ Stock Market and Over-the-counter Bulletin Board in the past.
Agung Yudyasmara, President of PT Raksasa Metal Agung, said: "We have a good knowledge of Wonogiri and we are very pleased with the survey results. We are highly confident that the operation at this location will bring immediate economic benefits for shareholders of both companies."
Quang Le, VNMC's Executive Vice Chairman and Chief Geologist, stated: "We are eager to launch this project with PT Raksasa while developing large-scale concessions that can turn VNMC into a major player in the near term." Quang added: "Besides the projects in North Sumatra, the Company has been actively looking at other opportunities elsewhere in conjunction with industry and financing partners to continue building a portfolio of key mineral assets that may represent very significant value for the Company's shareholders and investors in the future."
About Vanguard Mining Corporation
Vanguard Mining Corporation, a Nevada corporation established in 1987, is currently building a portfolio of mineral assets in Southeast Asia, including gold, copper, limestone, and manganese in Indonesia. The company has also investigated mineral asset opportunities in other geographical areas. http://www.vnmcglobal.com
Safe Harbor: This news release contains forward-looking statements that are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of such forward-looking statements. Such forward-looking statements are made based upon management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995.