MIAMI, May 26, 2009 (GLOBE NEWSWIRE) -- Omega Commercial Finance Corporation (Pink Sheets:OCFN) is pleased to announce that it has signed a Letter of Intent to acquire from Ruby Trust Gold SAA (RTG) a mining operation located in the mountain village of Cusco, Peru.
Omega Commercial Finance Corp., a publicly traded holding company, has entered into diverse acquisitions of real estate projects over the last several months. Through the use of strategic acquisition methods utilizing creative stock exchange agreements, the Company has been able to increase its asset base over the last 12 months.
The Company is now looking to diversify its interests into the gold commodities market by finding undervalued and underdeveloped mines with both proven and probable reserves. The Ruby Trust mine is gold and some copper. The ore is oxide, making for simplified recovery. The plant, designed by BBA Engineers, is designed to initially process 250 metric tons daily. This would be expanded to 500 tons per day once the vein direction has been determined. By adding a second shift production expectations would be quadrupled. All mining operations will be headed up by the RTG's engineers and management.
Thomas W. Foster, President and CEO of RTG, has a B.S. in Mine Engineering and an MBA in marketing and administration. He has over 40 years of extensive experience in all phases of mining and is considered an expert in mine exploration, planning, construction, ecology issues and actual production. He has owned mines in Colorado, Nevada and Peru, and has worked as an independent consultant for the biggest mines in Peru including Southern Peru Copper Corporation, Yanacocha, Antamina and others. Additionally, he has written three mining textbooks dealing with mine automation, mine planning and an introductory program for non-miners who work for mining companies and need to know the rudiments of mining.
Jon S. Cummings IV, CEO stated, "A considerable amount of time and research has gone into this project. We are both excited and confident that this type of business diversification will bring eventual revenue stream and added valuation to our company. A full business plan and Executive Summary has already been created and we will work diligently to move this project into a Definitive Agreement." He also stated, "Mr. Foster is a seasoned professional who has already put together a dynamic management and operational team."
Safe Harbor
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of Omega Commercial Finance Corp., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Omega Commercial Finance Corp.'s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in Omega Commercial Finance Corp. filings with the Securities and Exchange Commission.