Date: Dec 29 1998 4:42PM ET
Calabasas , California.--(BUISNESS WIRE) --Dec 29, 1998Nevada Manhatan Group Inc.(OTC BB:NVMH)announced the acquisition of 80 Percent of the metal mining reserves and timber properties from Khrustalnya,a Russian joint stock company headquatered in Kavalerovo .
Khrustalnaya has approximate reported annual timber and mining revenues in excess of $16 million .Khrustalnaya's reported proven mining reseves are in excess of 16,690 tons of tin ($5,500/ton/a),9,970 tons of lead ($500/ton/a),50,970 tons of zinc ($1,00/ton/a),426 tons of silver ($160,000/ton/a)2,760 tons of copper ($1,500/ton/a), and 878 tons of gold ($9,600,000/ton/a).
Reported dense timber holdings in the Primorsky Kray region are over two million hectares or 9,000 square miles .
Nevada Manhatan has already received revenues in the range of approximately $6,000,000 from sales and marketing activities related to Khrustalnayas products . Nevada Manhatan's activities in Russia and the surrounding Commenwealth of Independant states (cis) countries will be supervised by Dr. Alexander Gonchar , chairman of the General Euro-Asian Committee of coal ,Metals and Natural Resources ,Which iscomprised of the presidents of the 11 CIS members.
While management previously considerd an acquisition of Khrustalnaya's stock it was determind by the parties that the asset acquisition announced today ,rather than the stock purchase ,was in the best interest's of all parties concerned due to international complexities and reporting requirements .
Khrstalanya along with Nevada Manhatan,is implementing an expansion program which will increase revenues markedly .
Matters discussed in this release include forward-looking statements that involve risks and uncertainties . Actual results to differ include risk factors listed in the company's reports to the Securities And Exchange Commision , including Form 10-KSB and Form 10-QSB on file with the SEC .
For more information on Nevada Manhatan Group ,Contact Yvonne Cambre at 818/591-4400, E-mail :administration @nevadamanhattan.com, or visit the companys web site at www.nevadamanhattan.com |
