TORONTO, CANADA, July 11, 2013 – Crown Gold Corporation (“Crown” or the “Company”) (TSX Venture: CWM) reports that it has decided not to proceed with the proposed acquisition of Pasofino Gold Corporation (“Pasofino”) which was announced on September 17, 2012. (See Crown’s news releases dated September 17, 2012 and October 10, 2012).
Stephen Dunn, CEO of Crown, said “We are disappointed that we were not able to complete this transaction, but the changing legal and regulatory framework in Colombia has made it difficult to complete the due diligence we required to proceed with the merger. It appeared to Crown that there was little likelihood of resolution of these matters before substantial property payments became due in the near future.”
For Further Information Contact:
Mr. Stephen Dunn, President and CEO, Crown Gold Corporation (416) 361-2827
or email [email protected]
or see the website at: www.crowngoldcorp.com
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This press release contains forward-looking statements within the meaning of applicable Canadian and U.S. securities laws and regulations, including statements regarding the future activities of the Company. Forward-looking statements reflect the current beliefs and expectations of management and are identified by the use of words including “will”, “anticipates”, “expected to”, “plans”, “planned” and other similar words. Actual results may differ significantly. The achievement of the results expressed in forward-looking statements is subject to a number of risks, including those described in the Company’s management discussion and analysis as filed with the Canadian securities regulatory authorities which are available at www.sedar.com. Investors are cautioned not to place undue reliance upon forward-looking statements.