VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 03/30/12 — STRONGHOLD METALS INC. (TSX VENTURE: Z)(OTCQX: SDMTF)(FRANKFURT: E9X) („Stronghold“ or the „Company“) –
Stronghold is pleased to announce that pursuant to the terms of its Amended and Restated Earn-In and Joint Venture Agreement (the „Amendment Agreement“) with Omai Gold Mines Ltd. („OGML“) and Eagle Mountain Gold Inc. („EMGI“), affiliates of IAMGOLD Corporation („IAMGOLD“) it has exercised the option to earn a 50% interest in EMGI. The Company has the right to acquire up to 100% of the issued and outstanding shares of EMGI. EMGI owns the Eagle Mountain Gold Property (the „Property“) in Guyana. The remaining 50% of EMGI is owned by OGML, a 95% owned subsidiary of IAMGOLD. The Republic of Guyana („Guyana“) holds the remaining 5% of OGML.
Highlights:
Yannis Tsitos, President and CEO of Stronghold, stated: „Owning a 50% interest in EMGI and having IAMGOLD indirectly become Stronghold-s largest shareholder represents a very significant milestone for Stronghold. We have a very good relationship with IAMGOLD and look forward to their input on exploration and development plans at Eagle Mountain. We intend to focus our resources on progressing the project and rapidly moving it into the Pre-Feasibility Study/Scoping Study stage. Of particular note is that we have no further cash payment due to OGML in 2012 and can acquire the remaining 50% interest in EMGI for only an additional US$1,000,000. We hope to shortly commence work on an updated NI 43-101 Resource update.“
All securities issued above are subject to a hold period expiring July 31, 2012.
For further information on the Eagle Mountain Property and on Stronghold, please refer to the Company-s corporate presentation and news releases on its website at .
On behalf of The Board of Directors of Stronghold Metals Inc.
Ioannis (Yannis) Tsitos, President, CEO & Director
Statements contained in this news release may constitute forward-looking statements. Such forward-looking statements are based upon the Company-s reasonable expectations and business plan at the date hereof and are subject to change depending on economic, political and competitive circumstances and contingencies. Readers are cautioned that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause a change in such assumptions and the actual outcomes and estimates may be materially different from those estimated or anticipated future results, achievements or positions expressed or implied by those forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts: Stronghold Metals Inc. George Heras Corporate Communications 604-806-0916 604-806-0956 (FAX)
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