American International Group Inc. (NYSE:AIG) announced recently that it has executed its previously announced recapitalization plan with the U.S. Department of the Treasury (Treasury Department), the Federal Reserve Bank of New York (FRBNY), and the AIG Credit Facility Trust (the Trust), including repaying in full the approximately $21 billion outstanding balance under the credit facility extended by the FRBNY, and exchanging various forms of government support into common shares, resulting in the Treasury Department owning approximately 92 percent of AIG's common shares. AIG expects that over time the Treasury Department will sell its stake in AIG subject to market conditions.
Today is a very important day that should be viewed as a testament to the unrelenting dedication of terrific people both in the government and at AIG, said Robert H. Benmosche, AIG President and Chief Executive Officer. Today, AIG, with the support of countless people, has accomplished a huge goal that many people once thought impossible: completely repaying the Federal Reserve Bank of New York. Now, we will continue to focus on strong business performance for the benefit of all of our stakeholders, including our largest shareholder, the Treasury Department. We remain grateful for the extraordinary assistance that taxpayers provided during the financial crisis of 2008, and we continue to believe they will realize a profit on their investment in AIG.
Today truly marks a new beginning, Mr. Benmosche continued. We recognize that we have to stand on our own and meet the expectations of the marketplace. That's not new to us. Based on our success over the last two years in stabilizing our businesses, retaining our clients, achieving momentum in sales, restoring relationships with distribution partners, and returning to normal rates of employee turnover, we are confident that we can continue to build long-term value for all of our stakeholders, including U.S. taxpayers, and demonstrate through our actions going forward that we are worthy of investor confidence.
American International Group, Inc. is a leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through one of the most extensive worldwide property-casualty networks of any insurer.
Orofino Gold Corp, (ORFG.PK) is a China based gold producer with one producing gold mine in Colombia and an option on a strong portfolio of small producers and development/exploration assets in Colombia. Orofino Gold was founded as a private company in 2009 by former executives and management with over 50 years of combined mining exploration, finance and development experience.
Gold is also well known as a coinage metal (because of its scarcity, inertness, and decorative features) and is a standard for monetary systems in many countries. Apart from gold coins, gold ingots, and gold bars, gold is available in many forms including pure gold and alloys as gold flakes, foil gauzes (meshes), grain, powders, sheet, sponges, tubes, wires and even single gold crystals. Orofino's corporate objective is to continue to build shareholder value through the exploration and development of existing projects and additional accretive acquisitions, capitalizing on the extensive experience and relationships that management has developed over the past 25 years.
Gold is too expensive to use by chance. Instead it is used deliberately and only when less expensive substitutes can not be identified. As a result, once a use is found for gold it is rarely abandoned for another metal. This means that the number of uses for gold have been increasing over time. Orofino Gold Corp. is a US (Nevada) company established for the purpose of creating a significant exploration and mining group to operate in Colombia. Orofino has major criteria by which they select properties that include: Significant historical production; Favorable geology for hosting major ore bodies; Significant property area for large target exploration; Recent results available; Favorable infrastructure and access to allow mine development; and Receptive local government and populace.
The production of ornamental objects was probably the first use of gold over 6000 years ago. Gold is found in the pure state, is very easy to work and was probably the first metal used by humans. Today, most of the gold that is newly mined or recycled is used in the manufacture of jewelry. About 78% of the gold consumed each year is used in the manufacture of jewelry. In addition, Orofino has acquired a database comprised of exploration and mining results from previous operators who left when the global mining sector experienced a major downturn in the three year period from 1997-2000.
The second part of Orofino Gold's strategy to become a recognized player in the Colombia mining sector was the acquisition of an interest in an operating mine. Orofino Gold has acquired a 55% interest in the La Azul/La Estrella property with the rights to acquire up to 80%.
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