Boston, MA 3/16/12 (StreetBeat) -- Fischer-Watt Gold Company, Inc. (OTC.BB: FWGO) has acquired New Fork Uranium Corporation, a private Wyoming corporation holding 521 mining claims in the areas adjacent to Fischer-Watt's Cyclone Rim uranium exploration properties in Sweetwater County, Wyoming. Fischer-Watt acquired all the shares of New Fork from its shareholders in return for 50 million restricted shares of Fischer-Watt.New Fork's assets are comprised of 521 federal mining claims covering about 10,000 acres of BLM land. These claims cover a large portion of the sinuous, uranium bearing roll-front that exists in this part of south-central Wyoming. Fischer-Watt's existing Cyclone Rim claims cover a 28-mile extent of the western portion of this same roll-front trend. This area of Sweetwater County is a historical uranium-mining district that is seeing a resurgence of development activity. Fischer-Watt now holds significant acreage on key uranium ground in the Red Desert.
In addition, New Fork brings working capital of over $300,000 to the transaction.
As part of the transaction, James Baughman, CEO of New Fork, will assume the position of President and CEO of Fischer-Watt. President and CEO of Fischer-Watt, Peter Bojtos, will continue to serve the Company in a consulting capacity to ensure a smooth transition. Fischer-Watt's ongoing board of directors will include James Baughman and Greg Schifrin, who replace Peter Bojtos and Gerald Helgeson. The Company wishes to thank both these gentlemen for their many years of dedicated service.
James Baughman is a geologist with 30 years' experience in mineral development. He was a founder and CEO of High Plains Uranium, which was listed on the Toronto Stock Exchange and acquired by a major uranium company in 2007. He currently serves as COO of West Mountain Index Advisors, Inc. and CEO of Big Bear Mining Corp. Mr. Baughman is a Professional Registered Geologist in Wyoming.
"We are very excited about our strategic land position in Wyoming, which is in close proximity to other operators who are investing heavily in their own development projects," said Baughman. "Wyoming is the source of most of the United States' uranium production and our aim is to contribute to the continuing production growth in the state."
On stepping down from his positions as Chairman of the Board, President and CEO, Peter Bojtos commented, "I am thrilled that we have managed to strengthen Fischer-Watt with both growth in its asset base and management. I have known Jim Baughman for several years and he brings a wealth of expertise and energy to the Company."
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