April 22, 2013
Haber enters into MOU for AZ processing plant
July 12, 2011
To view the Suriname video demonstrating the Haber green technology.
Haber has entered into a joint venture with its non-exclusive licensee, Gold City Inc. ("Gold City"), a privately held Nevada mining and exploration corporation that owns and controls gold mining claims in Nevada and Arizona. Haber will receive under the terms of Gold City's hydrometallurgical license a net smelter return of 8-12 percent of all gold and other minerals extracted, and a 5 percent share of all mechanically recovered coarse gold and nuggets. Gold City's licenses cover USA, Mexico, Canada, South America, Australia, Asia and Africa.
Under the terms of the joint venture, Gold City will provide up to $10 million to Haber in exchange for up to a total of 5 million shares of Haber restricted common stock and for up to a total of 50 percent of all profits generated by previously announced and future operations that have been financed with the funds. In the event that Gold City does not provide Haber with the entire $10 million, it will receive a lower number of shares of Haber common stock and reduced profit participation.
Haber has received approximately $725,000 earning Gold City to date, under the terms of the agreement,1,000,000 of the Company's restricted common shares. Also Gold City has 15% of Haber's interest in the large scale mining properties in Ghana under JV with Etruscan Resources and 15% of Wakefield, MA production. Haber shares have been authorized to Gold City making its obligations current as of December 31, 2006 (500,000 shares already have been issued, the balance due and any additional shares earned will be issued on July 1, 2007. All additional shares earned after July 1st, if any, will be issued on January 3, 2008), under the terms of the agreement. Gold City's funding deadline is December 31, 2007.
This synergistic arrangement provides Gold City with the opportunity to share revenues in E-scrap and other specific Haber minerals-related opportunities including large scale mining in Ghana and Wakefield, MA operations, while at the same time allowing Haber to share in Gold City's mining revenues. Haber receives royalties on all mining projects outside this joint venture under the terms of its licensing agreement. In addition, Haber currently owns 2 million shares of Gold City's common stock from its licensing agreement.
As part of the terms of the JV agreement the board of directors of Gold City Albert B. Conti, Haber's president and COO, is appointed to the Gold City board of directors.
The named Haber executives through December 31, 2006 have acquired the following percentage interests in the outstanding shares ("OS") of Gold City Inc's common stock: Albert B. Conti, Haber's President and CEO has approx. .1% of OS, Peter D'Angelo, Haber's CFO, Executive Vice President and Secretary has approx. .1% of OS.