LOL reuse and recycle. Check out SGGM news, remember STBY Stansbury Holdings and the vermiculite in Montana.
Here we go again.
St. George Metals, Inc., Announces Signing of Letter of Intent to Merge Nevad
Vermiculite Into SGGM, Bringing Over $30 Million of Assets Into the Company ( P
Newswire-FirstCall )
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.
CONTACT: William Haseltine of St. George Metals, +1-703-276-1919
URL: prnewswire.com
www.prnewswire.com
Copyright (C) 2005 PR Newswire. All rights reserved.
-0-
KEYWORD: Nevada
Montana
INDUSTRY KEYWORD: MNG
OTC
SUBJECT CODE: TNM
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