Orlando, FL 6/26/12 (StreetBeat) -- Daulton Capital Corp. (OTCBB:DUCP) (to be renamed Celframe Arx Resources Corp) a gold and precious metals exploration company, is pleased to announce that it has entered into a $105 million forward Gold sales contract with Salam International Limited. Salam International Ltd is a Dubai gold trading company which procures gold and sells to large Gold refineries in Dubai & Abu Dhabi, United Arab Emirates. The company has executed a forward gold sale contract for the sale of USD $105 million 99.9% pure gold bullion at a price equal to discount of 5 % (LME -5) to the 2ndLondon Metals Exchange fixing price on the date of each tranche delivery. The contract is for a term of 36 months and provides for the gold to be delivered 6 to 9 months from the date of signing as Celframe ARX Resources gears up for production at its Queensland, Australia site. The purpose of the forward gold sales contract is to enable immediate working capital to fund ongoing gold production at the ARX Springs project.
Arun Pudur, President of Daulton Capital Corp commented, "We are pleased to have entered into the agreement on what we consider to be very favorable terms for a company in the pre production phase and look forward to working closely with Salam International, a leading Gold supplier in the UAE." He added, "The value of this contract shows that the market has complete confidence in Celframe management and commitment to deliver excellence. This further seals that I & my team will deliver what we promised to all our share-holders, on time every time."
Brian Smith, CEO of Daulton Capital Corp said, "Very few Gold companies have ever managed to close a $105 Million dollar gold sale, much less for a company in pre-production stage. We also have the option to increase the value of the contract in the future as Salam's clients have the capacity to purchase MT of gold. This further shows the amount of trust clients have in Celframe and its capability to deliver."
"With these funds we will be able to escalate our production capacity faster than planned and reach near production stage in considerably less time and look forward to start delivery of gold before the time-lines," said Arun Ramachandran, Director of Daulton Capital Corp.
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