WINDERMERE, Fla., June 19, 2020 (GLOBE NEWSWIRE) — Palayan Resources, Inc. (PLYN) (“PLYN” or the “Company”) and Scythian Mining Group Ltd. (“SMG”) are pleased to announce the closing of a Share Exchange Agreement (the “Transaction”) dated June 1, 2020 pursuant to which PLYN has acquired all of the issued and outstanding shares in the capital of SMG’s wholly owned subsidiary, SMG-Gold B.V., a Netherlands incorporated company. The parties are working diligently to satisfy all requirements of the Transaction, including the transfer of shares of SMG-Gold B.V. to the Company.
SMG-Gold B.V., a private company incorporated under the laws of the Netherlands, holds certain mineral rights through Altyn Kokkus LLP, a Kazakhstan limited liability partnership organized and existing under the laws of Kazakhstan, identified by a Subsoil Resources Use Contract No 2068 for land rights and underground mineral rights to the Kokkus Project, a gold and copper deposit in Kazakhstan (the “Kokkus Project”).
The Kokkus Project is a gold deposit located in the Karaganda Orblast, about 400 kilometers from the regional mining center of Karaganda. It consists of a Subsoil Resource Contract under Kazakhstan law covering approximately 16 square kilometers.
“The Kokkus Project is located in one of the foremost mining regions in Kazakhstan and we are committed to exploring the potential of this property,” stated James Jenkins, President of Palayan Resources, Inc. “The Kokkus Project currently has defined drill targets based on previous drilling, geological mapping and soil sampling, and study on structural controls on Au mineralization presently demonstrating excellent potential to discover a very significant gold deposit. Management intends on aggressively growing the company, and with the upswing in gold prices, we want to build a strong gold exploration and mining company around the Kokkus property with a strong possibility of finding further major gold deposits in Central Asia. We believe that this acquisition is just the beginning.”
Additional details surrounding the Share Exchange Agreement may be found in the current report on Form 8-K filed on June 3, 2020 by the Company with the SEC on EDGAR.
About Palayan Resources, Inc.
Palayan Resources, Inc. is an emerging growth company that engages in the acquisition, exploration, and development of mineral properties. Management has extensive experience in global exploration and the mining industry.
This news release contains “forward-looking statements” which are not purely historical and may include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities and words such as “anticipate”, “seek”, intend”, “believe”, “estimate”, “expect”, “project”, “plan”, or similar phrases may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects, securing necessary financing, the future of the U.S. and global economies, the impact of competition, and the Company’s reliance on existing regulations pertaining to the mining and exploration of mineral properties. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. The Company has no mineral resource or reserve estimate for the Kokkus Project at this time and may not have sufficient funding to thoroughly explore, drill or develop the project. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission. For more information, please visit www.sec.gov.
Chief Executive Officer