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News24
15 minutes ago
- News24
SA's citrus farmers brace for Trump tariffs impact
Walk down the aisles of a Trader Joe's or Whole Foods Market in the US, and chances are many of the piles of oranges, lemons, limes and grapefruit will be labelled 'Produce of South Africa'. They have become a staple in the US — the world's largest citrus importer — especially during the off-season summer months, when in the Southern Hemisphere the South African winter harvest is at its peak. But now, those supplies are threatened by a potential 31% tariff that President Donald Trump has said will go into effect on 9 July, adding that he won't consider delaying the deadline. The looming levy has cast a cloud over the sunny valleys of Citrusdal, a tiny, serene farming town nestled amid rolling green hillocks in the Western Cape area of South Africa. Tucked into the base of the Cederberg mountains about 100 miles north of Cape Town, the area is dominated by citrus farms, giving the town its name. For a quarter-century, the juicy produce of the area's orchards — owned over generations by people mostly of Afrikaner heritage — has journeyed thousands of miles to make it to the fruit bowls of American homes. But this season is different. Now, Trump's tariff policies are threatening the very same white farmers to whom he offered asylum, falsely claiming that they are targets of a genocide and that their land is being seized by the state. The levies are likely to have a debilitating impact on their operations, the livelihoods of the thousands of people they employ and the country's R35 billion citrus industry — one of the rare bright spots in South Africa's stagnant economy. 'Our business is built for the US market, and for about 25 years we've planted, we've picked, we've planned accordingly,' said Gerrit van der Merwe, the chief executive officer of family owned ALG Estates, as he stood in his 2 1 000-hectare farm donning a grey puffer jacket, jeans and a pair of Veldskoen — leather footwear made famous by Afrikaner farmers. South Africa is the world's second-largest exporter of citrus fruits, behind Spain. Trump's tariffs are now threatening to price farmers in the Western Cape — the country's prime area for the produce — out of a key market, leaving them to navigate an uncertain future. Citrus growers have been preparing for a new reality. Over recent weeks, some orchards have been in a panicked rush to get their produce to the US market ahead of the looming deadline. Van der Merwe's farm, whose packing season began 1 May, has been working on getting as much fruit as possible on vessels and shipped, he said. But longer term, the damages could be more devastating and may push farmers to shrink orchards that are specifically developed to meet demand in the US, said Van der Merwe, whose farms employ 2 000 people and have been managed by his family for eight generations. 'We've built our supply chains, we've built our supermarkets, we've built our importing companies on that side, so we've been trying to own that market to make sure that we are very, very efficient, and that we can send the maximum fruit into that market,' he said. 'For us, we've become dependent on the US market, but also the US consumers have also become dependent on our fruit.' The US is the second-largest destination for South African exports after China, accounting for more than $20 billion last year. Major exports include precious stones and metals, organic chemicals and edible fruit. Although the nation sends just 5% to 6% of its citrus produce to the US, the exports had been expected to rise about 7.7% to 7 million cartons this season, and the industry had ambitious plans to grow that share. The US duties will be the latest blow to the industry that employs about 140 000 people at the farm level. A rare South African export success, it has been threatened by the crumbling domestic infrastructure at state-owned rail and ports operator Transnet, that has been blamed for delays and dwindling shipments of key commodities. Should the higher tariff 'take effect, it would make our citrus completely uncompetitive in the US market,' said Boitshoko Ntshabele, CEO of the Citrus Growers' Association. The CGA estimates that logistical inefficiencies already cost the sector R5.3 billion a year. South Africa is among countries slapped with the steepest tariffs, placing it at an immediate disadvantage while competing with its citrus producing South American rivals, like Peru and Chile. To mitigate the impacts of the tariffs, growers may opt to reroute their fruit to other markets, including Europe, but that could undermine the stability in those markets and have 'a knock-on effect on the entire Southern African citrus industry,' Ntshabele warned. The sector is 'looking to add about 100 million export cartons by 2032, and therefore continuously working on diversifying exports markets,' he said. 'This will remain our focus in the near term.' Europe is already among the biggest citrus export markets for South Africa. The industry is also locked in a long-running dispute over the European Union's regulations, which mandated stringent cold-treatment measures and additional inspections of South African citrus following cases of fruits affected by the false codling moth. The moth lays eggs on the surface of the fruit, and the larvae that emerge from the eggs burrow into the rind, develop brown discolouration and render the fruit mouldy and unmarketable. The CGA says EU regulations cost the industry about R3.7 billion each season. As farmers look to widen their export markets, they could turn to China and other Asian countries, said Paul Makube, a senior agricultural economist at First National Bank. China's recent announcement of a plan to grant 53 African nations tariff-free access presents an opportunity for citrus farmers to expand there. 'It has become increasingly important to start diversifying, and with the Asian markets with their big populations and income growth in China, India, they need to start opening up those Asian markets,' Makube said. That said, growing the industry's presence in the world's top market for the fruits remains critical. South African President Cyril Ramaphosa sought to reset strained relations with the US during an Oval Office meeting with Trump in Washington in May. South Africa is asking the US to drop its reciprocal tariff to the 10% baseline. 'We believe that if we have a live conversation going, we will be excluded from the 30%, maybe sitting with the 10%,' said Agriculture Minister John Steenhuisen. 'That still allows us to compete against some of our competitors, particularly in the South American market.' There are no signs that will happen, and at ALG Estates, Van der Merwe is worried. 'I think 10% is manageable; it's not ideal,' he said. 'For now, we're asking to be handled the same as Peru and Chile — our competition. Otherwise, we can't compete.'
Yahoo
35 minutes ago
- Yahoo
Indonesia's nickel miners seek to maintain three-year quota validity
The Association of Indonesia Nickel Miners (APNI) has called on the government to ensure the current three-year validity of mining quotas remains unchanged, opposing plans to reduce the duration to one year. The mining ministry's recent announcement to shorten the quota period aims to better regulate supply and support commodity prices, including coal and nickel, according to a Reuters report. The APNI argues that this change could lead to bureaucratic bottlenecks and hinder the sector's stability. In 2023, Indonesia extended the validity of mining quotas, known as RKABs, from one to three years to alleviate the approval process for both authorities and applicants. However, companies are still able to propose annual revisions to their quotas. APNI warns that reducing the quota duration could create unnecessary complications in the approval process, as thousands of miners would be required to seek new quotas each year, the report said. The association emphasised the importance of medium-term certainty for investment and operational planning in the mining industry. 'The government needs to strengthen internal evaluation and oversight capacity, not lengthen the bureaucratic chain with shorter licensing periods,' stated APNI. Indonesia's deputy mining minister Yuliot Tanjung acknowledged that details of the change are "still being formulated" and chose not to comment on the association's request. The ministry reiterated that the proposed plan is designed to maintain price stability and mitigate the impact of price drops on government revenue. In addition, the Indonesian Government is preparing to impose sanctions on companies for environmental violations at the Morowali Industrial Park (IMIP), a key site for the country's nickel production. The Ministry of Environment has identified several issues, including inadequate wastewater management, air pollution, and the use of unlicensed tailing areas, which will result in government directives and fines for those violating environmental regulations. "Indonesia's nickel miners seek to maintain three-year quota validity" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
44 minutes ago
- Associated Press
Goliath Intersects 8.31 g/t Au Over 23 Meters, Including 15.69 g/t Au Over 11 Meters, Including 37.45 g/t Au Or 1.20 Oz/T Over 4 Meters In Third Distinct Rock Package Within The High-Grade Gold Bonanza Zone At Surebet, Golddigger Property, Golden Triangle, B.C.
TORONTO, July 07, 2025 (GLOBE NEWSWIRE) -- Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the 'Company' or 'Goliath') is very pleased to announce positive assay results from the re-logging and sampling of drill hole GD-24-280 which returned in an intercept of 8.31 g/t Au over 23.00 meters, including 15.69 g/t Au over 11 meters, including 37.45 g/t Au (or 1.20 oz/T) over 4 meters in a third rock package within the Bonanza Zone. It is characterized by a broad interval of strongly calc-silicate altered breccia with multiple occurrences of visible gold seen with a naked eye that had not been sampled before and remains wide open at Surebet on the 100% controlled Golddigger Property (the 'Property'), Golden Triangle, British Columbia. These assays reflect gold only (AuEq value in interval will be adjusted accordingly once Ag, Cu, Pb and Zn are received). GD-24-280 is interpreted to be a ~500 meter step-out to the east from other high-grade drill holes previously reported from the Bonanza Zone, that include: The Bonanza Zone is also host to drill hole GD-24-260 that assayed 4.52 g/t AuEq (1.11 oz/T AuEq) over 39.00 meters, including 132.93 g/t AuEq (4.27 oz/T AuEq) over 10.00 meters (see news January 13, 2025). The discovery of a new style of high-grade gold at the Bonanza Zone consisting of strongly calc-silicate altered breccia at the Surebet Discovery clearly demonstrates the additional discovery potential remaining for expansion. High-grade gold mineralization has been confirmed in three distinct rock packages at the Surebet Discovery, which include: gently-dipping gold-rich mineralized stacked veins; gold-rich intermediate to felsic Eocene-aged RIRG dykes that crosscut the veins; and the newly discovered broad zones of calc-silicate altered breccia. All three rock packages contain substantial amounts of VG-NE and remain wide open, which strongly indicates the presence of a Motherlode magmatic causative source at depth responsible for the widespread high-grade gold mineralization at the Surebet Discovery. Dr. Quinton Hennigh, Geologic & Technical Advisor to Crescat Capital, a strategic investor in Goliath, states: 'It is remarkable to watch the Surebet gold system reveal its secrets. Five years ago, the initial target was the low-angle, thick Surebet gold-quartz-sulfide lode. After a couple seasons of drilling, other similar flat gold-quartz-sulfide lodes were discovered stacked beneath Surebet including the remarkable high-grade Bonanza gold-quartz-sulfide lode. In just the past year, recognition of a swarm of near vertical reduced intrusive dikes has added a new twist to the story because these appear to host significant volumes of stockwork gold-quartz-sulfide mineralization, and importantly, point to a direct connection of the Surebet system to an intrusive gold source. Today, the revelation that significant high-grade gold mineralization is hosted by calc-silicate rocks that form the thermal aureole around a deep intrusion adds fuel to that fire. It will be interesting to see where this natural progression of discovery leads us.' Mr. Roger Rosmus, Founder & CEO of Goliath states: 'We are delighted with the exceptional assay results from drill hole GD-24-280 within a newly identified calc-silicate altered high-grade gold breccia, with visible gold to the naked eye. This gives us a new discovery of high-grade gold, this time in a third distinct rock package at the Surebet high-grade gold discovery. We have high-grade gold in stacked gently-dipping veins stretching over 1.2 kilometers, vertical RIRG dykes that crosscut the veins which we are now referring to Goldilocks zones as they have high-grade gold in two temperature regimes. There are multiple locations where the gently-dipping veins and vertical RIRG dykes crosscut, which gives us the potential to have several Goldilocks zones. Now, we can add a new discovery of high-grade gold in a third distinct rock package at Surebet. Another important target for our 2025 drilling campaign has emerged from the detailed geological study done at the Colorado School of Mines, which is a magmatic gold source we call Motherlode, responsible for the gold mineralization in the three distinct rock packages. To assist in our targeting of the magmatic source, we are using a combination of the depth extent of the RIRG dykes and our past geophysical survey. This clearly underscores the immense and untapped additional discovery potential at the Surebet Discovery. Our geological team has hit the ground running in our 2025 drilling campaign, with the goal of drilling 60,000 meters. Currently, we have eight drill rigs working and one more will be arriving shortly. We have plenty of people to thank for the success at the Surebet high-grade gold discovery, including our shareholders, our geological team, the excellent research by the Colorado School of Mines, our drillers and others. We have never come into a drilling season with as much geological data in hand which puts us in a great position for our best season of drilling ever at Surebet. ' Recent re-logging of core from holes drilled between 2021 and 2024 has provided an interval in drill hole GD-22-64, consisting of a RIRG dyke containing visible gold to the naked eye. This dyke is believed to be directly related to the Motherlode magmatic source which assayed 6.31 g/t AuEq over 14.35 meters, including 11.36 g/t AuEq over 7.85 meters (see news release dated June 23, 2025). Additionally, re-logging identified visible gold to the naked eye in several other drill holes (assays pending) associated with RIRG dykes, calc-silicate altered breccias, and known gently-dipping stacked veins. Drill hole GD-24-277 confirmed gold visible to the naked eye within a newly identified calc-silicate altered breccia, within 36 meters of mineralization that is now awaiting assay results. Re-logging has identified gold visible to the naked eye in other key zones, including multiple occurrences in GD-22-102 within the Bonanza Zone and Golden Gate Zones, often associated with pyrrhotite and sphalerite in calc-silicate veins. Additional single occurrences of visible gold to the naked eye have been identified and sampled in GD-24-254 (Bonanza and Golden Gate Zones) and GD-24-267 (Bonanza Zone). Holes GD-21-09 and GD-24-244 also yielded visible gold to the naked eye within near vertical RIRG dykes, strikingly similar to an interval in GD-22-58 which previously assayed up to 12.03 g/t AuEq over 10 meters (see news release March 13, 2025), further supporting the potential for extensive high-grade gold mineralization linked to the causative intrusion (Motherlode Magmatic Source). The balance of the newly sampled intervals from the early season re-logging initiative are currently pending assay results, which are expected to further define the significant potential of these discoveries. Based on these compelling results, Goliath has significantly increased its 2025 planned drill campaign from 40,000 meters to 60,000 meters. The 2025 planned drill campaign is designed to be a systematic approach, focused entirely on Surebet to expand the geometry and extent of this discovery both laterally and to depth. The comprehensive drill plan will consist of testing for the Motherlode magmatic source of high-grade gold mineralization that could significantly increase the overall size of the Surebet high-grade gold discovery; evaluating an additional 13 potential Eocene-aged dykes observed on surface that have yet to be drill tested for RIRG mineralization; executing infill drilling with the goal of significantly increasing pierce point density in all known stacked veins, with a particular focus on the highest-grade areas from the Bonanza Zone and Surebet Zone intersection domains; testing zones where the RIRG dykes and gently dipping veins cross cut which are being called Goldilocks Zones as they are key locations where there are two styles of gold mineralization enriching the zones; expanding the known mineralized veins laterally and to depth; and expand on newly discovered high-grade gold in strongly altered calc-silicate breccia. All three distinct rock packages remain wide open, where they currently remain open, offering substantial exploration upside. Surebet Discovery Highlights About Golddigger Property The Golddigger Property is 100% controlled and covers an area of 91,518 hectares in a highly prospective geological setting of the Eskay Rift, within 3 kilometers of the Red Line in the Golden Triangle of British Columbia. This area, in close proximity to the Red Line, has hosted some of Canada's greatest gold mines including Eskay Creek, Premier and Snip. Other significant and well-known deposits in the Golden Triangle include Brucejack, Copper Canyon, Galore Creek, Granduc, KSM, Red Chris, and Schaft Creek. Goliath controls 56 kilometers of the Red Line which is a geologic contact between Triassic age Stuhini rocks and Jurassic age Hazelton rocks used as key markers when exploring for gold-copper-silver mineralization. The Surebet discovery has predictable continuity and excellent metallurgy with gold recoveries from gravity and flotation at a 327-micrometer crush of 92.2% including 48.8% free gold from gravity alone (no cyanide required to recover the gold). The metallurgy completed to date shows no deleterious elements are present such as mercury or arsenic (see news release dated March 1, 2023). The Property is in an excellent location in close proximity to the communities of Alice Arm and Kitsault where there is a permitted mill site on private property. It is situated on tide water with direct barge access to Prince Rupert (190 kilometers via the Observatory inlet/Portland inlet). The town of Kitsault is accessible by road (190 kilometers from Terrace, 300 kilometers from Prince Rupert) and has a barge landing, dock, and infrastructure capable of housing at least 300 people, including high-tension power. Additional infrastructure in the area includes the Dolly Varden Silver Mine Road (only 7 kilometers to the East of the Surebet discovery) with direct road access to Alice Arm barge landing (18 kilometers to the south of the Surebet discovery) and high-tension power (25 kilometers to the east of Surebet discovery). The city of Terrace (population 16,000) provides access to railway, major highways, and airport with supplies (food, fuel, lumber, etc.), while the town of Prince Rupert (population 12,000) is located on the West Coast of British Columbia and houses an international container seaport also with direct access to railway and an airport. About CASERM (Center to Advance the Science of Exploration to Reclamation in Mining) Goliath Resources is a paying member and active supporter of the Center to Advance the Science of Exploration to Reclamation in Mining (CASERM), which is one of the world's largest research centers in the mining sector. CASERM is a collaborative research venture between Colorado School of Mines and Virginia Tech that is supported by a consortium of mining and exploration companies, analytical instrumentation and software companies, and federal agencies aiming to transform the way geoscience data is acquired and used across the mining value chain. The center forms part of the I-UCRC program of the National Science Foundation. Research focuses on the integration of diverse geoscience data to improve decision making across the mine life cycle, beginning with the exploration for subsurface resources continuing through mine operation as well as closure and environmental remediation. Over the past three years, Goliath Resources' membership in CASERM has allowed a high level of research to be performed on the Surebet Discovery. Qualified Person Rein Turna P. Geo is the qualified person as defined by National Instrument 43-101, for Goliath Resource Limited projects, and supervised the preparation of, and has reviewed and approved, the technical information in this release. Mr. Turna is an Independent Director of the Company. About Goliath Resources Limited Goliath Resources is an explorer of precious metals projects in the highly prospective Golden Triangle of Northwestern British Columbia. All of its projects are in high quality geological settings and geopolitical safe jurisdictions amenable to mining in Canada. Goliath is a member and active supporter of CASERM which is an organization that represents a collaborative venture between Colorado School of Mines and Virginia Tech. Goliath's key strategic cornerstone shareholders include Crescat Capital, a Global Commodity Group (Singapore), McEwen Mining Inc. (NYSE: MUX) (TSX: MUX), Waratah Capital Advisors, Mr. Rob McEwen, Mr. Eric Sprott and Mr. Larry Childress. For more information please contact: Goliath Resources Limited Mr. Roger Rosmus Founder and CEO Tel: +1.416.488.2887 [email protected] Disclaimer The reader is cautioned that grab samples are spot samples which are typically, but not exclusively, constrained to mineralization. Grab samples are selective in nature and collected to determine the presence or absence of mineralization and are not intended to be representative of the material sampled. Oriented HQ-diameter or NQ-diameter diamond drill core from the drill campaign is placed in core boxes by the drill crew contracted by the Company. Core boxes are transported by helicopter to the staging area and then transported by truck to the core shack. The core is then re-orientated, meterage blocks are checked, meter marks are labelled, Recovery and RQD measurements taken, and primary bedding and secondary structural features including veins, dykes, cleavage, and shears are noted and measured. The core is then described and transcribed in MX DepositTM. Drill holes were planned using Leapfrog GeoTM and QGISTM software and data from the 2017-2024 exploration campaigns. Drill core containing quartz breccia, stockwork, veining and/or sulphide(s), or notable alteration is sampled in lengths of 0.5 to 1.5 meters. Core samples are cut lengthwise in half: one-half remains in the box and the other half is inserted in a clean plastic bag with a sample tag. The bagged samples are then weighed and secured with a zip tie. Certified reference materials (CRMs), blanks and duplicates are added in the sample stream at a rate of 10%. To ensure analytical anonymity, CRM identification labels are removed prior to submission to the laboratory. Additional out-of-sequence blanks are introduced immediately following core samples that contain visible gold or high-grade sulphide mineralization. Grab, channels, chip and talus samples were collected by foot with helicopter assistance. Prospective areas included, but were not limited to, proximity to MINFile locations, placer creek occurrences, regional soil anomalies, and potential gossans based on high-resolution satellite imagery. The rock grab and chip samples were extracted using a rock hammer, or hammer and chisel to expose fresh surfaces and to liberate a sample of anywhere between 0.5 to 5.0 kilograms. All sample sites were flagged with biodegradable flagging tape and marked with the sample number. All sample sites were recorded using hand-held GPS units (accuracy 3-10 meters) and sample ID, easting, northing, elevation, type of sample (outcrop, subcrop, float, talus, chip, grab, etc.) and a description of the rock were recorded on all-weather paper. Samples are then inserted in a clean plastic bag with a sample tag for transport and shipping to the geochemistry lab. QA/QC samples including blanks, certified reference materials, and duplicate samples are inserted regularly into the sample sequence at a rate of 10%. All samples are transported in rice bags sealed with numbered security tags. The rice bags are transported from the core shacks to the MSALABS facilities in Terrace, BC. MSALABS is certified with both AC89-IAS and ISO/IEC Standard 17025:2017. The core samples undergo preparation via drying, crushing to ~70% of the material passing a 2 mm sieve and riffle splitting. The sample splits are weighed and transferred into three plastic jars, each containing between 300 g and 500 g of crushed sample material. A 250 g split is pulverized to ensure at least 85% of the material passes through a 75 µm sieve. The crushed samples are transported to the MSALABS PhotonAssayTM facility in Prince George, where gold concentrations are quantified via photon assay analysis (method CPA-Au1). Samples that result in gold concentrations ≥5 ppm are analyzed to extinction. Photon assay uses high-energy X-rays (photons) to excite atomic nuclei within the jarred samples, inducing the emission of secondary gamma rays, which are measured to quantify gold concentrations. The assays from all jars are combined on a weight-averaged basis. Multielement analyses are carried at the MSALABS facilities in Surrey, BC, where 250 g of pulverized splits are analyzed via ICF6xx and IMS-230 methods. The IMS-230 method uses 4-acid digestion (a combination of hydrochloric, nitric, perchloric and hydrofluoric acids) followed by inductively coupled plasma emission spectrometry to quantify concentrations of 48 elements. Samples with over-limit results for Ag, Cu, Pb and Zn undergo ore-grade analysis via the ICF-6xx method (where 'xx' denotes the target metal). This method employs 4-acid digestion followed by inductively coupled plasma emission spectrometry. Widths are reported in drill core lengths and the true widths are estimated to be 80-90% and Gold Equivalent (AuEq) metal values are calculated using: Au 2797.16 USD/oz, Ag 31.28 USD/oz, Cu 4.25 USD/lbs, Pb 1955.58 USD/ton and Zn 2750.50 USD/ton on January 31st, 2025. There is potential for economic recovery of gold, silver, copper, lead, and zinc from these occurrences based on other mining and exploration projects in the same Golden Triangle Mining Camp where Goliath's project is located such as the Homestake Ridge Gold Project (Auryn Resources Technical Report, Updated Mineral Resource Estimate and Preliminary Economic Assessment on the Homestake Ridge Gold Project, prepared by Minefill Services Inc. Bothell, Washington, dated May 29, 2020). Here, AuEq values were calculated using 3-year running averages for metal price, and included provisions for metallurgical recoveries, treatment charges, refining costs, and transportation. Recoveries for Gold were 85.5%, Silver at 74.6%, Copper at 74.6% and Lead at 45.3%. It will be assumed that Zinc can be recovered with the Copper at the same recovery rate of 74.6%. The quoted reference of metallurgical recoveries is not from Goliath's Golddigger Project, Surebet Zone mineralization, and there is no guarantee that such recoveries will ever be achieved, unless detailed metallurgical work such as in a Feasibility Study can be eventually completed on the Golddigger Project. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), nor the OTCQB Venture Market accepts responsibility for the adequacy or accuracy of this release. Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words 'could', 'intend', 'expect', 'believe', 'will', 'projected', 'estimated' and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Goliath's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to, among other things, the ability of the Company to complete financings and its ability to build value for its shareholders as it develops its mining properties. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to Goliath. Although such statements are based on management's reasonable assumptions, there can be no assurance that the proposed transactions will occur, or that if the proposed transactions do occur, will be completed on the terms described above. The forward-looking information contained in this release is made as of the date hereof and Goliath is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein. This announcement does not constitute an offer, invitation, or recommendation to subscribe for or purchase any securities and neither this announcement nor anything contained in it shall form the basis of any contract or commitment. In particular, this announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States, or in any other jurisdiction in which such an offer would be illegal.
