Tri-Valley Unit Announces the Signing of an Exclusive Agreement to Evaluate 200 Industrial Minerals Properties in Nevada
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BusinessWire
09:15 a.m. 10/26/2006
BAKERSFIELD, Calif., Oct 26, 2006 (BUSINESS WIRE) -- Select Resources Corporation, a wholly owned subsidiary of Tri-Valley Corporation (TIV) has recently has signed an exclusive agreement with the Trabits Group granting the exclusive right to evaluate up to 200 industrial minerals properties within Newmont Mining Corporation's property portfolio. The bulk of these properties are located along Nevada rail corridors leading into California and Arizona.
The commodities within this property package cover hundreds of square miles and include high-grade silica, calcium carbonate, barite, clays, aggregates, and zeolite. The proximity of these properties along active rail lines provides the potential for low cost bulk transportation to industrial consumers. The agreement includes the ability to bring deposits into production under simple royalty agreements. A large portion of these lands are associated with the former Santa Fe Pacific Gold Corporation which was acquired by Newmont, and were under the previous ownership of the Santa Fe and Southern Pacific Railroads.
The evaluation of the Newmont data set is in progress. Select field examinations will begin in mid-November.
Mr. David Oliver, Senior Staff Geologist, said, "The industrial commodities present on these lands are not part of Newmont's core business -- gold. Thus, Select obtains access to a very strategic industrial mineral lands position through the Trabits agreement."
Select Resources already owns the world-class Admiral Calder high-grade ultra bright calcium carbonate deposit in southeast Alaska, and participates in a joint venture producing other industrial minerals in California.
"This agreement provides Select Resources with the ability to significantly expand our industrial mineral activities through the acquisition of this large land package located in the growing southwest U.S.," stated Dr. Henry 'Rick' Sandri, President.
Select Resources is also exploring two large gold properties in central Alaska totaling some 60 square miles of mining friendly State of Alaska claims. Prospecting on the 44-square mile Richardson property has found physical gold in samples at 60 locations along a 20-mile swath suggesting the possibility of a huge system underlying the property. |
