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Post by Franko10 ™ on May 2, 2005 9:25:21 GMT -5
St. George Metals, Inc., Announces Signing of Letter of Intent to Merge Nevada Vermiculite Into SGGM, Bringing Over $30 Million of Assets Into the Company
5/2/2005 10:30:31 AM
LAS VEGAS, May 2, 2005 /PRNewswire-FirstCall via COMTEX/ -- St. George Metals (Pink Sheets: SGGM), announces Letter of Intent to merge with Nevada Vermiculite, LLC, a vermiculite mining company based out of Montana.
William Haseltine, President of SGGM, stated, "This Letter of Intent with Nevada Vermiculite potentially adds tremendous value for our shareholders. We are pleased to begin a mutual due diligence period with Nevada Vermiculite, and we intend to finalize this transaction within 30 days. This transaction will bring in over $30M in recoverable assets through the Hamilton mining operations in Montana. These assets and production capabilities have the ability to produce the highly sought after Vermiculite mineral. Within the U.S., there are currently only two mines in South Carolina and one in Virginia that produce this highly useful mineral, and the demand is increasing due to the limited amount that currently can be imported into the U.S."
Bill Blomgren, Manager of Nevada Vermiculite, added, "We have been looking for the right partner for our company and shareholders for several years and are pleased that we have a working partner that can help us mine this very lucrative opportunity. We have many assets that we can bring to the table, and offer this partnership the ability to mine an up-and-coming mineral that has numerous uses."
Nevada Vermiculite Information:
Nevada Vermiculite's business focuses upon a niche in the industrial mineral industry. Nevada Vermiculite's management has defined this niche as those industrial minerals with an annual worldwide production or consumption of less than 2.5 million tons. This level of activity fails to attract major industrial mining companies, and, partly as a consequence, enjoys very high margins of profitability between the sales price of the product and the cost of producing the product.
Nevada Vermiculite's assets are located on 96 unpatented lode and mill site mining claims. The claims cover some 1,750 acres and are 10 air miles due east of Hamilton, Montana on the western flank of Skalkaho Mountain. Access to the property and shipment of processed vermiculite is via an all-weather road, 26 miles to Victor Crossing, Montana, where an office and loading area is located next to a line of the Montana Rail Link Railroad. The claims are situated at elevations around 7,000 feet above sea level within the Bitterroot National Forest near the crest of the south end of the Sapphire Mountains. Necessary environmental and operating permits will be secured through appropriate State and Federal government agencies.
Forward-Looking Statements:
Certain statements in this news release may contain "forward-looking" information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Act of 1934 and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release may include forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will be accurate and actual results and future events could differ materially from those anticipated in such statements.
SOURCE St. George Metals, Inc.
William Haseltine of St. George Metals, +1-703-276-1919
www.prnewswire.com
Copyright (C) 2005 PR Newswire. All rights reserved.
5/2/2005 10:30:31 AM
LAS VEGAS, May 2, 2005 /PRNewswire-FirstCall via COMTEX/ -- St. George Metals (Pink Sheets: SGGM), announces Letter of Intent to merge with Nevada Vermiculite, LLC, a vermiculite mining company based out of Montana.
William Haseltine, President of SGGM, stated, "This Letter of Intent with Nevada Vermiculite potentially adds tremendous value for our shareholders. We are pleased to begin a mutual due diligence period with Nevada Vermiculite, and we intend to finalize this transaction within 30 days. This transaction will bring in over $30M in recoverable assets through the Hamilton mining operations in Montana. These assets and production capabilities have the ability to produce the highly sought after Vermiculite mineral. Within the U.S., there are currently only two mines in South Carolina and one in Virginia that produce this highly useful mineral, and the demand is increasing due to the limited amount that currently can be imported into the U.S."
Bill Blomgren, Manager of Nevada Vermiculite, added, "We have been looking for the right partner for our company and shareholders for several years and are pleased that we have a working partner that can help us mine this very lucrative opportunity. We have many assets that we can bring to the table, and offer this partnership the ability to mine an up-and-coming mineral that has numerous uses."
Nevada Vermiculite Information:
Nevada Vermiculite's business focuses upon a niche in the industrial mineral industry. Nevada Vermiculite's management has defined this niche as those industrial minerals with an annual worldwide production or consumption of less than 2.5 million tons. This level of activity fails to attract major industrial mining companies, and, partly as a consequence, enjoys very high margins of profitability between the sales price of the product and the cost of producing the product.
Nevada Vermiculite's assets are located on 96 unpatented lode and mill site mining claims. The claims cover some 1,750 acres and are 10 air miles due east of Hamilton, Montana on the western flank of Skalkaho Mountain. Access to the property and shipment of processed vermiculite is via an all-weather road, 26 miles to Victor Crossing, Montana, where an office and loading area is located next to a line of the Montana Rail Link Railroad. The claims are situated at elevations around 7,000 feet above sea level within the Bitterroot National Forest near the crest of the south end of the Sapphire Mountains. Necessary environmental and operating permits will be secured through appropriate State and Federal government agencies.
Forward-Looking Statements:
Certain statements in this news release may contain "forward-looking" information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Act of 1934 and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release may include forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will be accurate and actual results and future events could differ materially from those anticipated in such statements.
SOURCE St. George Metals, Inc.
William Haseltine of St. George Metals, +1-703-276-1919
www.prnewswire.com
Copyright (C) 2005 PR Newswire. All rights reserved.
