Genesis Electronics Group, Inc. Completes Lease Agreement for Nevada Gold Mine

RED BANK, NJ / ACCESSWIRE / March 31, 2015 / Management of Genesis Electronics Group, Inc. (PINKSHEETS: GEGI) announced today that they have finalized the lease and mining agreement for a 20 acre claim on the property known as “Mav5-E”. Located in the Osceola Mining District in Nevada, White Pine County, approximately 29 miles southeast of Ely, the project consists of 985 acres is divided up in thirteen claims. The agreement includes all rights for mining, water usage from the NDEP and the air pollution permits as required. The Geologic Report estimates the value of the reserves of the claim to be from $103 million to $311 million. 

The Osceola Mining District in Mary Ann Canyon has been historically one of the most prolific gold producing regions in Nevada. Mining in the District started in the 1870’s and continues through this day. Based on the geological report prepared by the geologists at Skookum Geological, the estimated recoverable reserves for the entire 985 acres is over $2.1 billion.

Mr. Raymond F. Purdon, President & CEO, commented, “We are very excited for the opportunity to enter the gold mining business at a time when prices are at historical highs and the cost of production is less. The acquisition of the lease puts the Company in position to generate income and provide shareholder value.”

The Company will operate the mine through its wholly owned subsidiary, Genesis Mining Corp: www.genesisminingcorp.com.

The Company has terminated the stock purchase agreement with Defense Technology Corporation (DTC), signed in January 2014.

About Genesis Electronics Group, Inc.

Genesis Electronics Group, Inc. is a holding company which makes acquisitions, investments, and enters into strategic business partnerships. The Company works with organizations that are looking for capital, management assistance, or help in reaching their target markets to realize their true potential. In May 2008, Genesis completed a merger with Genesis Electronics, Inc. a company that is engaged in the development of solar and alternative energy applications for consumer devices such as mobile phones device. www.genesiselectronicsgroup.com

Safe Harbor Statement

Certain statements in this press release that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as “anticipate,” “believe,” “expect,” “future,” “may,” “will,” “would,” “should,” “plan,” “projected,” “intend,” and similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Genesis to be materially different from those expressed or implied by such forward-looking statements. Genesis’s future operating results are dependent upon many factors, including but not limited to the Company’s ability to: (i) obtain sufficient capital or a strategic business arrangement to fund its expansion plans; (ii) build the management infrastructure necessary to support the growth of its business; (iii) competitive factors and developments beyond the Company’s control; and (iv) other risk factors.

For more information contact:

Ray Purdon
Tel: (732) 936-8692
Email: info@genesiselectronicsgroup.com

SOURCE: Genesis Electronics Group, Inc.

ReleaseID: 427378