OTCBB Symbol: EGDD
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Company History
Eastern Goldfields, Inc., (the “Company" or "EGI") is the parent company of Eastern Goldfields SA (Proprietary) Limited, (“EGSA”), a corporation registered under the laws of the Republic of South Africa. EGSA conducts all of the Company’s business operations in South Africa through its South African corporation subsidiaries.
Eastern Goldfields, Inc. was incorporated under the laws of the State of Nevada on July 15, 1998, originally under the name of Fairbanks Financial, Inc. The Company was established as a business management, marketing and consulting firm to serve both the emerging and established business entrepreneur. Since its incorporation, the Company has had minimal operations. It redirected its business efforts in late 2005 and on September 23, 2005, following a change in control, it purchased 100% of the issued and outstanding common or ordinary stock of EGSA. On October 1, 2005, the Company’s wholly owned subsidiary, EGSA, acquired, via a share exchange, 100% of the issued and outstanding common or ordinary stock of Eastern Goldfields Limited (“EGL”), a South African gold producer and developer corporation. EGL has been conducting mining operations in the Barberton Mountainland area of the Mpumalanga Province, South Africa, since 1989. On October 25, 2005, the Company changed its corporate name to Eastern Goldfields, Inc. to more accurately reflect its business operations.
This share exchange for the acquisition of EGL by EGI’s wholly owned South African subsidiary, EGSA, was accounted for as a reverse acquisition, and, accordingly, for financial statement purposes, EGL was considered the accounting acquiror. The subject transaction was considered a recapitalization of EGL rather than an acquisition by the Company. Accordingly, the historical financial statements prior to this share exchange are those of EGL. However, the name of the consolidated corporation going forward is Eastern Goldfields, Inc.
In May 2008, EGL acquired Barbrook Mines Ltd (“Barbrook”) for approximately US$10 million. The Barbrook mineral assets include some 40 km of equipped underground development, a 25,000 tonnes per month processing plant with a large, licensed tailings dam and approximately 2 million ounces of defined mineral resources
The Company's activities have been limited primarily to the production of gold and the implementation of preliminary exploration programs on those properties in which it has interest, including the Lily Mine, the Barbrook Mine, the dormant Worcester Mine, the Centurion properties and the Sheba Hills prospecting areas. Prospecting and mining rights are held in the South African subsidiary companies and are all located in the north eastern portion of the Barberton Goldfield.
