LAS VEGAS, April 9, 2014 (GLOBE NEWSWIRE) -- Transnational Group, Inc. (OTC:TAMG), today announced that the Company has entered negotiations to acquire a 204-acre gypsum mining property in Clark County, Nevada, signing a non-disclosure agreement with its current owner.
Based on previous studies, the property is estimated to contain 11.6 million tons of gypsum at approximately 90% grade and 10 million tons of dolomitic limestone. In December 2013, a mine plan was completed for the property that set a production target of 290,000 tons of gypsum per year, which would give the mine a production life of 40 years. On an annual basis, this production level would generate revenue of $6.2 million and net income in excess of $3 million at today's prices. According to management, these reserve estimates include only a small percentage of the entire property and could increase significantly with further exploration efforts.
"We are excited to begin negotiations regarding this gypsum property and expect to finalize this process within 30 days. In addition to having significant estimated reserves of both gypsum and limestone that will grow with further exploration, the Company expects the mine to be in production within 60 to 90 days following the acquisition's closing," commented Transnational Group's CEO, Dr. Philip Dutoit.
"With a projected life of 40 years, Transnational Group expects this property will produce a steady long-term revenue stream and prove to be very lucrative for the company and our shareholders," continued Dr. Dutoit.
About Transnational Group, Inc.
Transnational Group, Inc. is a development stage holding company, whose primary business is focused on the exploitation of natural resources and acquiring and developing properties through partnerships and joint ventures, as well as the development of formidable partnerships with sponsoring governments and businesses and integrating management's best practices and expertise into their infrastructure.
Cautionary Note to U.S. Investors: The United States Securities and Exchange Commission limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically and legally extract or produce. We use certain terms on this press release, such as "reserves," "resources," "geologic resources," "proven," "probable," "measured," "indicated," or "inferred," which may not be consistent with the reserve definitions established by the SEC. U.S. investors are urged to consider closely the disclosures in our reports filed with the OTC Markets Group, Inc. You can review and obtain copies of these filings from the OTC Markets website at: http://www.otcmarkets.com .
Forward-Looking Statements:
This press release includes forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, and also includes selected operating results presented without the context of accompanying financial results. These forward-looking statements include, among others, statements with respect to our objectives and strategies to achieve those objectives, as well as statements with respect to our beliefs, plans, expectations, anticipations, estimates or intentions. These forward-looking statements are based on our current expectations. We caution that all forward-looking information is inherently uncertain and actual results may differ materially from the assumptions, estimates or expectations reflected or contained in the forward-looking information, and that actual future performance will be affected by a number of factors, including economic conditions, technological change, regulatory change and competitive factors, many of which are beyond our control. Therefore, future events and results may vary significantly from what we currently foresee. We are under no obligation (and we expressly disclaim any such obligation) to update or alter the forward-looking statements whether as a result of new information, future events or otherwise.
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