VANCOUVER, Dec. 22, 2011 /CNW/ – G4G Resources Ltd. (TSX-V: GXG) (“G4G“), pursuant to the announcement of the joint venture agreement with Almaden Minerals Ltd. (“Almaden“) on June 21, 2011, whereby G4G could acquire a 70% interest in Almaden’s 100% owned Yago gold-silver project located in Nayarit State, Mexico, announces that Almaden and G4G have mutually agreed to cancel this agreement.
“Market conditions and the inability to raise the necessary funds for the initial round of exploration have been the primary reasons behind the mutual decision to cancel the joint venture agreement with Almaden,” said Basil Botha.
About G4G Resources Ltd.
G4G Resources Ltd. is a Canadian-based mineral exploration and development company focused on a number of low cost iron ore projects and copper-gold properties on Vancouver Island.
This document may contain or refer to forward-looking information based on current expectations, including, but not limited to timing of mineral resource estimates, future exploration or project development programs and the impact on the Company of these events. Forward-looking information is subject to significant risks and uncertainties, as actual results may differ materially from forecasted results. Forward-looking information is provided as of the date hereof and we assume no responsibility to update or revise them to reflect new events or circumstances. For a detailed list of risks and uncertainties, as it relates to G4G Resources Ltd., please refer to the Company’s 2010 year end audited financial statements filed with SEDAR on April 28, 2011.
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