Vanguard Mining Corp Acquires Majority Interest in a 330-hectare Limestone Concession in North Sumatra, Indonesia
2014年6月13日 - 10:15PM
Access Wire
NEW YORK and Jakarta, Indonesia / ACCESSWIRE / June 13,
2014 / Vanguard Mining Corporation (Pinksheets:
VNMC), http://www.vnmcglobal.com, today announced that the Company
has signed an agreement with PT Mega Kencana Persada, an Indonesian
company, to acquire a 75% equity interest in a 330-hecatare
limestone concession in Panyabungan Sub-district, Mandailing Natal
District, North Sumatra Province, Indonesia,
According to the agreement, VNMC agrees to pay $4,750,000 in a
combination of cash and stock of the company for a 75% equity
interest in the limestone concession, subject to further
satisfactory due diligence. VNMC and PHI Capital Holdings,
Inc., a subsidiary of PHI Group, Inc. (PHIL), will be responsible
for raising the required capital to develop and operate the
limestone mine and PT Cendrawasih will pay its portion of capital
contribution from its share of profits from the limestone mine
operation. It is estimated that the CaCO3 deposits of the
concession amount to approximately 150 million metric tons, subject
to an independent technical verification. This contemplated
acquisition is part of the Company’s strategic plan to realign and
expand its portfolio of mineral asset holdings for long-term
growth.
VNMC expects to produce a variety of limestone products from
this mine, including quicklime for use especially in metallurgical
industry and environmental remediation, hydrated lime for paper
technology, construction, agriculture soil and water treatment,
precipitated calcium carbonate (PCC) for petrochemical industry,
paint, rubber, seafood, among others, nano-precipitated calcium
carbonate (NPCC) to process high quality chemical cosmetics and
foodstuffs, and coated and uncoated PCC and NPCC for use as
additives in industries of asphalt plastic, paper, rubber, paint,
cosmetics, foodstuffs and medicines.
Jay Muhd, a principal of PT Mega Kencana Persada, said "We are
excited to develop this mine on the back of the Global Industry
Analysts, Inc. (GIA) announcing in their comprehensive global
report on the limestone market that limestone production in major
markets projected to exceed 604.6 billion metric tons by the year
2015 mostly because of its consumption in the cement industry, and
exterior and interior decorations due to its ruggedness and
widespread utility in households."
Quang Le, VNMC’s Senior Geologist and Executive Vice Chairman,
said. "We expect VNMC’s growth in economic terms as a benefit of
this cooperation will be reflected in our Company’s valuation and
share price."
About Vanguard Mining Corporation
Vanguard Mining Corporation, a Nevada corporation established in
1987, is currently building a portfolio of mineral assets in
Southeast Asia, including limestone in Vietnam and gold, copper,
limestone, and manganese in Indonesia. The company has also
investigated a number of mineral assets in other geographical areas
that may potentially create significant value for our shareholders
and investors in the near future.
Safe Harbor: This news release contains
forward-looking statements that are subject to certain risks and
uncertainties that may cause actual results to differ materially
from those projected on the basis of such forward-looking
statements. Such forward-looking statements are made based upon
management's beliefs, as well as assumptions made by, and
information currently available to, management pursuant to the
"safe-harbor" provisions of the Private Securities Litigation
Reform Act of 1995.
Contact:
Tony Nguyen
Vanguard Mining Corporation Corp.
702-605-4506
corpsec@vnmcglobal.com
SOURCE: Vanguard Mining Corporation
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