Business
Transnational Group Signs Binding Letter of Intent to Assume Operational Control of the Marble Mountain Mine in Southwestern Utah
Transnational Group Signs Binding Letter of Intent to Assume Operational Control of the Marble Mountain Mine in Southwestern Utah.
About this update from Logipix International Corp.
[{"type":"text","content":"\nLAS VEGAS, July 1, 2015 (GLOBE NEWSWIRE) -- Transnational Group, Inc. \"Transnational\" (Pink Sheets:TAMG), today announced that the Company has exchanged executed and binding Letters of Intent (LOI) with the Marble Mountain Mine Operation located in Enterprise, Utah.  \n\n\tAccording to the LOI, Transnational Group has assumed operational control of the Marble Mountain Mine as of July 1, 2015 including all of its mining operations, production distribution, sales and administration in exchange for a pre negotiated royalty fee to be paid to the mine's previous operators on a monthly basis. \n\t\n\tThe Marble Mountain Mine is located in southwestern Utah and currently generates a cash flow that will immediately be realized by Transnational as revenue, states the LOI. According to the Company, the property is estimated to contain silver in amounts that it projects will generate approximately $1 million per year in revenue moving forward. \n\n\t\"Transnational is excited to announce our recent operational acquisition of Marble Mountain as the first definitive agreement the Company has entered into since our restructuring. This mine will begin generating revenue for Transnational immediately as it already produces a cash flow and we will have access to use several pieces of heavy equipment currently located on the property, enabling a seamless operational transition,\" commented the Company's CEO, Dr. Philip Dutoit.\n\n\t\"In addition to this Marble Mine LOI, management is continuing to work diligently on closing other potentially lucrative deals currently in our pipeline,\" added Dr. Dutoit. \n\t\n\t\"The recent addition of Nir Giat as board member has borne immediate results as he has already reached out to several potential new clients for Marble Mountain. As a result, Transnational expects to increase the revenue above levels historically generated by this mine within the first three months after closing,\" added Martin Katz, CFO of Transnational Group.\n\t\n\tAbout Transnational Group, Inc.\n\n\tTransnational Group is a development stage holding company whose primary business is the acquisition and development of interests in the financial, consulting and natural resources sectors. The Company focuses on developing properties and business opportunities through partnerships and joint ventures while integrating ma...