Auric Mining Increases Revenue Projections and Acquisition Targets as Analysts Reiterate $2000 Gold by 2013
WILMINGTON, Del., March 28, 2012 /PRNewswire/ -- Auric Mining Company (OTC: AUMY) announced today that, based on respected analysts' projections, it has increased its revenue projections and ramped up its gold mine acquisition initiatives.
In recent reports analysts for both BNP Paribas and Thomson Reuters set gold price targets of $2,000 by late 2012 early 2013.
In a note to clients published yesterday morning, BNP Paribas precious metals strategist Anne-Laure Tremblay maintained her 2012 and 2013 gold price targets of $1,850 and $2,225 per ounce respectively; and Philip Klapwijk, Global Head of metals analytics at Thomson Reuters GRMS, the world's leading metals consultancy firm, asserted that he sees gold rebounding to $2,000 per ounce either in late 2012 or early 2013.
These respected predications echo the sentiment of the market and have forced the Company to substantially increase its revenue projections for its gold producing projects currently under development. Additionally, the Company has announced that it will be focusing increased resources at its acquisition and partnership initiatives.
The Company anticipates additional announcements upon the completion of agreements for new growth opportunities currently in negotiation.
In anticipation of new growth opportunities and as a loyalty benefit to all shareholders, the Board of AUMY has recently announced that it has voted to pay all shareholders on record a 3% stock dividend. 3 new Auric Mining shares will be issued for every 100 owned.
About Auric Mining Co.
Auric Mining is an investment and management enterprise that acquires and operates profitable energy companies with strong historical cash-flow and sustainable profitability. As part of its new growth initiative, the Company plans to acquire sector-specific technology and assets to be integrated into existing and future operations. Auric's primary business strategy is the acquisition of diverse, profitable energy related assets that provide synergistic profits and revenue enhancements across all portfolio companies.
The Company has developed and maintains an extensive database of private and public natural resources companies which have substantial resources already proven. The Company is constantly seeking acquisition opportunities with significant exploration upside through purchase, joint venture or investment. With unparalleled instincts for successful mineral projects, a field-oriented management style and a flat organizational structure, the Company has an ability to concentrate its financial assets, human resources and field efforts to provide timely decisions and a continued focus on the most prospective targets. The company has a number of claims strategically located in this historic mining district. The Company believes its combination of profitability and mitigated-risk funding structures provides long-term shareholder equity appreciation. For more information please visit the company's website at www.auricminingcorp.com.
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995 - forward-looking statements concerning plans, objectives, goals, strategies, future events of performance and underlying assumptions and other statements which are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and services demand and acceptance, changes in technology and in economic, political and regulatory conditions and to all of the risks generally associated with a company at Auric Mining's stage of development. All such forward looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by these cautionary statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
For more information contact:
Auric Mining Company
General Inquiries: 302-336-9736
Investor Relations: 302-269-3859
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