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IMD Companies, Inc. (ICBU) Completes Acquisition of KRSNA MINERALS, a Manganese and Iron Ore Producing Mine with Recoverable Assets of Approximately 700 Million Dollars
IMD Companies, Inc. (ICBU) Completes Acquisition of KRSNA MINERALS, a Manganese and Iron Ore Producing Mine with Recoverable Assets of Approximately 700 Million Dollars.
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[{"type":"text","content":"\n\n\n\nIMD Companies, Inc. (ICBU) Completes Acquisition of KRSNA MINERALS, a Manganese and Iron Ore Producing Mine with Recoverable Assets of Approximately 700 Million Dollars\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nIMD Companies, Inc. (ICBU) Completes Acquisition of KRSNA MINERALS, a Manganese and Iron Ore Producing Mine with Recoverable Assets of Approximately 700 Million Dollars\nPR Newswire\nPLACERVILLE, CA, Dec. 21, 2016\n\n\n\nPLACERVILLE, CA, Dec. 21, 2016 /PRNewswire/ - IMD Companies, Inc. (OTC: ICBU) Board of Directors is pleased to announce that the company has completed its acquisition of KRSNA MINERALS in India which is a producing mine with over 600 acres of mining claims which are currently mining manganese and Iron ore metals. KRSNA MINERALS currently has contracts with the Chinese government to supply manganese and Iron ore to China. The recoverable asset values are in excess of 700 million dollars for the total claims owned by KRSNA MINERALS. The Current Claims mined produced revenues in excess of four million dollars in 2016 and claims being worked on are over 10 million dollars. KRSNA MINERALS plans to dramatically increase the number of claims being mined in 2017 to increase revenues exponentially for the company. KRSNA MINERALS is now a wholly owned subsidiary of ICBU and all financials of KRSNA MINERALS will be represented into ICBU financials statements.\n\nThe mining claims are rich in iron ore and manganese and are located in north-western Orissa. They contain metasediments of low to medium metamorphic grade classified as the Gangpur Group, which host manganese, limestone and Lead-Zinc deposits. In central and southern Orissa, the Proterozoics are represented by the Easternghats granulite belt comprising of khondalite, charnockite, migmatite, anorthosite and alkaline rocks accounting for the mineralisation of bauxite, manganese, graphite and gemstones. \n\nOrissa has a lion's share of the Country's mineral reserves. The chromite, nickel, bauxite, ir...