October 29, 2008
VIPR Industries Moves to Acquire Additional Assets. Signs Term-Sheet Agreement for Acquisition of Two Gold Properties in Geita Region of Tanzania, a Region Possessing Significant Discoveries
VIPR Industries Inc. ("VIPR") (PINK SHEETS: VIPR) announces that it has signed an agreement to purchase two mining licenses and concessions in the Geita Region of Tanzania. The project is called the Geita North Project, located in the renowned Geita region of Tanzania. This region of Tanzania is known for possessing significant mines and discoveries owned and operated by several multinational mining companies.
The two properties are categorized within the Ministry of Energy and Mines in Tanzania as PML (Primary Mining Licenses) and are referenced by license numbers HQ-P15891 and HQ-P15890 respectively. Terms for a final agreement are being negotiated and are awaiting completion of a due diligence process. A map of the properties location can be viewed on the company's website by clicking the following link Geita Gold Project Properties Map (http://www.viprindustries.com/VIPR/images/Geita%20Gold%20Projects.pdf). The Company is also looking at and negotiating with other company's for the possibility of adding further quality assets to its portfolio.
The properties were introduced to the company through its chief geologist in Tanzania, Mr. Jonas Mwano who is an employee of the Tanzanian Ministry Of Energy and Mines, and well respected within the Industry. Mr. Mwano believes the properties possess strong strike potential which VIPR also hopes can possess anomalies similar to the various big discoveries in the region. The property is located within a region of Tanzania possessing very significant mines and discoveries. The property is a mere 20 km from the Geita Gold Mine owned and operated by Resolute Ltd; Ashanti Goldfields in a joint venture with AngloGold, and Barrick Gold Corp where its cost of production is known to be $250 per ounce making it a very economically profitable mine.
Mike Gerstner, President and CEO of VIPR Industries commented, "VIPR has chosen to search and expand on its asset base due to the great potential of the properties and future growth value to the company." Mr. Gerstner further commented, "VIPR has initiated the due diligence phase and due to a potential conflict of interest, VIPR will not be able to depend on the advice and expertise of Mr. Mwano during this period. However, should all proceed as anticipated Mr. Mwano will prove to be a strong asset to the company due to his expertise and knowledge of the properties, the region and Tanzania as a whole."
About VIPR Industries Inc.
VIPR Industries Inc. is a Nevada based precious metals exploration and development company focused on gold, uranium, and other precious metals reserves through mergers, acquisitions and resource development.
Cautionary "Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995. Some of the information included in this press release and other documents by VIPR Industries Inc. (as well as information included in statements made by its representatives, about information about the business it is engaged in or proposes to engage in or about acquisitions) may contain forward looking statements. Forward looking statements do not relate strictly to historical or current facts, often will be phrased in the future tense and may include the words "may,""could,""should,""would,""believe,""expect,""anticipate,""estimate,""intend,""plan" or other words or expressions of similar meaning. Forward looking statements that relate to VIPR Industries Inc. ("VIPR") or its present or proposed business are based on VIPR's current beliefs and expectations about future events and include statements that reflect management's beliefs, plans, objectives, goals, expectations, anticipations and intentions with respect to VIPR's financial condition, results of operations, future performance and business, including statements relating to VIPR's business strategy and VIPR Industries current and future development plans. Factors that could cause actual results to differ materially from projections include, among others, precious metals prices, decisions and activities of the operator of the various properties, unanticipated grade, geological, metallurgical, processing or other problems the operator may encounter, changes in project parameters as plans continue to be refined, economic and market conditions, as well as other factors described elsewhere in this press release or any other filings submitted by VIPR. In addition, acquired royalty interests on certain projects are subject to risks associated with conducting business in a foreign country, including application of foreign laws to contract and other disputes, foreign environmental laws and enforcement and uncertain political and economic environments. Most of these factors are beyond the Company's ability to predict or control. The Company disclaims any obligation to update any forward-looking statement made herein. Readers are cautioned not to put undue reliance on forward-looking statements.
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Contacts: VIPR Industries Inc. Investor Relations (416) 644-8648 Email: [email protected] Website: www.viprindustries.com
SOURCE: VIPR Industries Inc.