ATLANTA, March 26, 2010 (GLOBE NEWSWIRE) -- Dutch Gold Resources, Inc. (Pink Sheets:DGRI) (the "Company") (http://dutchgold.com) is pleased to announce that its publicly traded subsidiary, Aultra Gold, Inc. (OTCBB:AGDI) has consummated its strategy to acquire Shamika Gold, Inc. ("SGI"), a spinoff from Shamika Resources, Inc., with significant mineral holdings in the Democratic Republic of the Congo. The transaction was consummated as a reverse acquisition and after a name change to Shamika 2 Gold, Inc., Aultra Gold will be the surviving company.
Shamika Gold, Inc. has significant holdings in the Kilo Moto Greenstone Belt, where over thirty international mining companies have begun exploration and development. SGI has property that is surrounded by Kilo Goldmines, and is located near projects which are controlled by Rangold Resources, Ltd. Rangold and AngloGold-Ashanti have announced their interest in the area in October of 2009.
Robert Vivian, founder of Shamika Resources, was appointed as the new CEO of Aultra Gold, Inc. Mr. Vivian stated, "We are pleased to announce that our spinoff of the high potential gold properties has been completed. The Company is pleased to enter the public capital markets through Dutch Gold's subsidiary. Our management team and directors are excited to deliver value to our shareholders through our projects in the Democratic Republic of the Congo."
"We are particularly pleased with the transaction," commented Daniel Hollis, Chairman and CEO of Dutch Gold. He explained, "Shamika Gold, Inc. has quality properties, quality management and institutional investors from the parent company Shamika Resources. We believe that SGI's management will drive value for their shareholders and ours. Shamika's plan to drive near term, small scale production with exploration and development simultaneously makes great sense." Mr. Hollis added, "The Kilo Moto Greenstone Belt is one of the most promising areas in the world right now. For both major companies and junior companies like SGI, there is tremendous opportunity. The value of the Rangold-Moto Gold transaction was approximately US$500 Million. The lesser developed neighbor, Kilo Gold has achieved a market capitalization in excess of US$50 Million within a relatively short period of time. We wish our partners at Shamika Gold similar success, particularly given their focus on near-term production."
About Dutch Gold Resources:
Dutch Gold Resources, Inc. is engaged in the production and development of gold reserves in North America. The company's strategy is to focus on overlooked resources that can be quickly and cost-efficiently brought into production, and to seek out potentially significant exploration targets in high value geographies. The Basin Gulch project Montana, the Jungo property outside Winnemucca, Nevada, and the Gold Bug Mine in the Company's Southern Oregon operation, comprise the Company's current portfolio. The DGRI management team is composed of seasoned professionals with decades of experience in geology, and in mergers and acquisitions, as well as corporate finance.
About Shamika Gold, Shamika Resources:
Shamika Resources, Inc. holds significant properties in the Democratic Republic of the Congo. The Company is engaged in the development of mineral reserves in Africa. The corporate strategy is to develop a portfolio of mineral companies, unlocking value for shareholders, and opening up multinational access to the capital markets. Shamika Gold Inc. is the second spinoff from Shamika Resources, with additional transactions anticipated in the future.
Forward-Looking Statements
This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by Dutch Gold Resources, Inc. are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the company from time to time with the United States Securities and Exchange Commission and other regulatory authorities.