STEUBENVILLE, OH - (NewMediaWire) - January 19, 2016 - Osceola Gold, Inc. (f/k/a Phyhealth Corporation) (OTC PINK: PYHH) is pleased to announce it has secured a $20 million line of credit from Zion Capital Ventures. Osceola Gold has received a signed loan confirmation letter on January 13th from Zion Capital Ventures per their banking and brokerage relationship with one of the "Big Four" banks.
"We are excited to help fund this venture with Osceola and look forward to a long and prosperous relationship," stated Solomon Jallah, the General Partner and CEO at Zion Capital Ventures. "We anticipate with our help Osceola will catapult into a major profitable mining operation."
This revolving private equity stock line of credit is collateralized entirely from third-party assets and carries an interest rate of 7.0% on drawn funds.
"I'd like to personally thank Zion for their help and support," concluded Christopher Tarquinio, Chief Executive Officer, Osceola Gold. "With this strong financial backing, our custom-designed processing equipment built by RMS Ross will be paid for in full and shipped. We are fully committed to building shareholder value, and expect mining operations to begin in short order."
About Osceola Gold, Inc. (f/k/a Phyhealth Corporation)
The Company has applied for a corporate name and symbol change. As FINRA concludes due process yielding a final approval, the new name and symbol are expected to go immediately into effect.
Osceola Gold, Inc. has now emerged as a gold mining operation focused in the famous Osceola Mining District of White Pine County, Nevada. The Company has retained all mineral rights for all precious metals, including gold deposits, on their leased land, an over 20 acre expanse of gold mining claims known as Mav G.
Geological reports prepared by Skookum Geological have indicated the value of Mav G at $300-500 million. Historical reports have an average value to a FALSE bedrock at $132.00 per cubic yard. All permits and bonds have been put into place for the mobilization of this project.
Osceola Gold Inc. has also obtained first right of refusal for production on the other Mav claims.
Mining in the Osceola District, White Pine County, Nevada, was launched in the 1870s and continues to this day. Major efforts were put forth in the late 1800s, 1930s and 1970s, with both lode and placer mining striking success with the removal of considerable amounts of gold. Studies conducted throughout these periods indicate economically viable amounts of gold in both the bedrock and in particular, the placer deposits that remain. For more information visit: http://www.nbmg.unr.edu/
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