Infinito Gold Ltd. Announces Sale of Nicaraguan Subsidiary
Trading Symbol: TSX-V: IG
CALGARY, Jan. 31, 2012 /CNW/ - Infinito Gold Ltd. ('Infinito Gold' or the 'Company') announces that its wholly owned subsidiary, Infinito International Holdings Corp., has sold its wholly owned Nicaraguan subsidiary, Nueva Segovia Mining S.A. ('Nueva Segovia') to Fortress de Nicaragua S.A. ('Fortress') for the purchase price of CAD $5,000. Nueva Segovia owns the Zúngano Concession in Nicaragua which was originally acquired in February 2010. The sale allows the Company to avoid US $63,000 in concession and landowner fees which were otherwise due, in large part, in early 2012.
John A. Thomas, a director of the Infinito Gold and its COO and Vice President, is also a director and officer of both Fortress and its parent company. Steven Dean, the Chairman of the Board of Directors of the Infinito Gold, is also a director of the parent company of Fortress. The acquisition was approved by the independent directors of Infinito Gold.
Caution Regarding Forward-Looking Information and Statements
Certain statements in this press release address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. These statements are made as of the date of this release but Company undertakes no obligation to update these forward-looking information or statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking information or statements.
INFINITO GOLD LTD.
John Morgan
President
'The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.'
Infinito Gold Ltd.
CONTACT: INFINITO GOLD LTD.
600, 1100 1st Street S.E.
Calgary, Alberta T2G 1B1
Telephone: (403) 444-5191