Business
Transnational Group in Negotiations to Acquire Gypsum Mine in Southern Nevada
Transnational Group in Negotiations to Acquire Gypsum Mine in Southern Nevada.
About this update from Logipix International Corp.
[{"type":"text","content":"\nLAS VEGAS, April 9, 2014 (GLOBE NEWSWIRE) -- Transnational Group, Inc. (OTC:TAMG), today announced that the Company has entered negotiations to acquire a 204-acre gypsum mining property in Clark County, Nevada, signing a non-disclosure agreement with its current owner. \n\t\n\tBased on previous studies, the property is estimated to contain 11.6 million tons of gypsum at approximately 90% grade and 10 million tons of dolomitic limestone. In December 2013, a mine plan was completed for the property that set a production target of 290,000 tons of gypsum per year, which would give the mine a production life of 40 years. On an annual basis, this production level would generate revenue of $6.2 million and net income in excess of $3 million at today's prices. According to management, these reserve estimates include only a small percentage of the entire property and could increase significantly with further exploration efforts. \n\t\n\t\"We are excited to begin negotiations regarding this gypsum property and expect to finalize this process within 30 days. In addition to having significant estimated reserves of both gypsum and limestone that will grow with further exploration, the Company expects the mine to be in production within 60 to 90 days following the acquisition's closing,\" commented Transnational Group's CEO, Dr. Philip Dutoit.\n\t\n\t\"With a projected life of 40 years, Transnational Group expects this property will produce a steady long-term revenue stream and prove to be very lucrative for the company and our shareholders,\" continued Dr. Dutoit. \n\t\n\tAbout Transnational Group, Inc. \n\n\tTransnational Group, Inc. is a development stage holding company, whose primary business is focused on the exploitation of natural resources and acquiring and developing properties through partnerships and joint ventures, as well as the development of formidable partnerships with sponsoring governments and businesses and integrating management's best practices and expertise into their infrastructure.\n\t\n\tCautionary Note to U.S. Investors: The United States Securities and Exchange Commission limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically and legally extract or produce. We use certain terms on this press release, such as \"reserves,\" \"resources,\" \"geologic resources,\" \"proven,\...