VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 17, 2010) - G4G Resources Ltd. (TSX VENTURE:GXG) ("G4G", "the Company") announced today that as of December 7, 2010, it has completed the dissolution of its wholly owned subsidiary, Alternative Fuels Corporation ("AFC"). AFC has no property to distribute among its shareholders and there are no proceedings pending in any court against AFC.
G4G first announced its planned dissolution of Alternative Fuels Corporation in its 2010 second quarter financial statements and Management Discussion & Analysis, after AFC had assigned all of its rights and interests in its Sarnia-Lambton synthetic fuels project, which was developed by AFC, to AlterNRG Ltd., allowing G4G to earn a 1% royalty on future electricity sales up to $2,000,000. G4G made the decision to dissolve AFC to focus on the development of its iron sands projects.
This dissolution will have minimal impact on G4G's consolidated financial statements for the year ending December 31, 2010.
About G4G Resources Ltd.
G4G Resources Ltd. is a Canadian-based mineral exploration and development company focused on a number of low cost iron ore projects.
G4G's latest corporate presentation can be viewed at www.g4gresources.com.
This document may contain or refer to forward-looking information based on current expectations, including, but not limited to timing of mineral resource estimates, future exploration or project development programs and the impact on the Company of these events. Forward-looking information is subject to significant risks and uncertainties, as actual results may differ materially from forecasted results. Forward-looking information is provided as of the date hereof and we assume no responsibility to update or revise them to reflect new events or circumstances, except as required under securities laws. For a detailed list of risks and uncertainties, as it relates to G4G Resources Ltd., please refer to the Company's 2009 year end audited financial statements filed with SEDAR on April 30, 2010.
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