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Transnational Group’s Subsidiary, TAMG Minerals, Ceases Operations of the Marble Mountain Mine in Utah
Transnational Group’s Subsidiary, TAMG Minerals, Ceases Operations of the Marble Mountain Mine in Utah.
About this update from Logipix International Corp.
[{"type":"text","content":"\n\n LAS VEGAS, May 11, 2016 (GLOBE NEWSWIRE) -- Transnational Group, Inc. (“Transnational”) (OTC:TAMG) today announced that the Company’s wholly-owned subsidiary, “TAMG Minerals,” has ceased all mining operations of the Marble Mountain Mine as of Friday, April 29, 2016. In July 2015, TAMG Minerals, executed a binding Letter of Intent (LOI) to assume operational control of the Marble Mountain Mine 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.  According to the Company, TAMG Minerals considered multiple factors before deciding to cease operations at Marble Mountain Mine located in Enterprise, Utah. Primarily, the previous owners initiated a dispute concerning the amount of land that was available to mine whereby both parties could not agree on the acreage that was outlined in the LOI. Dr. Philip Dutoit, the Company’s CEO, stated, “Transnational Group would like to inform our shareholders of TAMG Minerals’ decision to recently cease all mining operations at Marble Mountain. While we are disappointed in the turn of events that led to this action, we feel strongly that moving forward this decision will lead to greater shareholder value than if we negotiated new terms that would have led to the continuance of operations on this property.” Additionally, the Company stated that the mining equipment provided by the previous owners to utilize on-site as part of the LOI, required substantial capital outlays for maintenance and repairs. Since TAMG Minerals took control of Marble Mountain Mine, it produced revenue that was in line with original estimates and projected to surpass them in the future while sales of its mined materials were successful due to the company’s efforts. “Management took several factors into consideration before making this decision and will focus its natural resource operations efforts on our Sandy Valley Gypsum Project moving forward while also exploring new markets that we feel will increase the Company’s revenue and profitability well into the future,” added Israel Gamliel, Transnational Group’s Chief Operations Officer. The previous owners engaged counsel to attempt to r...