TORONTO--(Sep 14, 2012) - Punchline Resources Ltd. (OTCQB: PUNL) (OTCBB: PUNL) ("Punchline" or the "Company") is pleased to provide this update with regard to the Company's mission statement and ongoing growth strategy.
"The last 30 days have been incredibly productive for the Company. During that time, not only have we efficiently transitioned our focus to the mining sector, but we have also successfully attracted significant funding, acquired our first exciting gold exploration project, and then swiftly put qualified people on the ground to advance that project," said Ramzan Savji, CEO and President of Punchline. "Going forward, we will continue to execute an aggressive, yet measured, growth strategy and stay true to our mission of building a well-funded and diversified producing gold company. I look forward to leading these efforts for the benefit of all our stakeholders."
Punchline Resources intends to implement a well-balanced growth and development strategy with the ultimate goal of building and maintaining shareholder value. Key elements of this growth and development strategy include:
-Establish and maintain a consistent source of funding to allow the Company to acquire interests in various gold mining projects. The Company has already been successful at securing an initial $1,000,000 financing agreement to fund project acquisitions and exploration. A primary focus of the Company will be to continue to utilize its available funding in a fiscally responsible manner. In addition to its current cash position, the Company has an additional $800,000 remaining of its current funding agreement.
-Build a well-diversified portfolio of highly prospective gold exploration and development projects. Punchline has been successful at acquiring the Empress Gold and Silver Project in Nevada. The Company continues to evaluate and negotiate for interests in additional suitable gold projects for possible acquisition.
-Quickly, efficiently, and cost-effectively explore and develop its portfolio of gold exploration and development projects. In less than one week following the acquisition of the Empress Gold and Silver Project in Nevada, the Company was able to mobilize a team of qualified geologists to the property to conduct an initial sampling work program over one of the two high-priority targets. Those samples have been sent to an accredited third party laboratory for independent testing and analysis. Based on the results of the sampling program, the Company intends to immediately proceed with a diamond drill program to test and confirm gold mineralization continuity at depth and to establish proven reserve estimates that can be exploited through modern mining techniques.
About Punchline Resources
Punchline Resources Ltd. is an emerging mineral resources company focused on both domestic and international exploration and development projects. The Company is currently exploring the Empress Gold and Silver Property, in Nevada, USA. The Company is also evaluating several additional projects for potential acquisition and/or participation.
Some information in this press release constitutes forward-looking statements or statements which may be deemed or construed to be forward-looking statements such as the potential acquisition of additional projects, the establishment of proven resources, and the possible future economic production of minerals. The words "plan", "forecast", "anticipates", "estimate", "project", "intend", "expect", "should", "believe", and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve, and are subject to known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (financial or operating) or achievements to differ from the future results, performance (financial or operating) or achievements expressed or implied by such forward-looking statements. The risks, uncertainties and other factors are more fully discussed in the Company's filings with the U.S. Securities and Exchange Commission. All forward-looking statements attributable to Punchline Resources Ltd. herein are expressly qualified in their entirety by the above-mentioned cautionary statement. Punchline Resources Ltd. disclaims any obligation to update forward-looking statements contained in this press release, except as may be required by law.
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