TRLR News Sept 5, 2013 Trulan Renegotiates Par
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Posted On: 09/05/2013 8:37:07 AM
TRLR News Sept 5, 2013
Trulan Renegotiates Part Of Acquisition Agreement On The IGP Iron-Gold-Platinum Project To Ensure Successful Mining Operations Of Multi-Million Metric Ton Iron, Gold & Platinum Resource
Trulan Resources Inc. (OTC PINK: TRLR) reports that management has asked for, and been granted by the Vendor, an amendment to the original agreement whereby Trulan has the right to acquire a 100% interest in the IGP Project in central Chile.
The Definitive Agreement, which was entered into on February 26, 2013, originally stated that Trulan will have 16 months from the date of signing in which to complete the construction portion of the pilot plant prior to initial mining and processing of the ore bodies on the property. The amendment to the agreement extends this period of time from 16 months to 32 months. Additionally, a further 90 days will accommodate mechanical and process testing of the infrastructure on a ramp-up basis to ensure that mining operations proceed as planned.
Upon the successful conclusion of the testing phase all ownership of the project and property will be deemed to have been earned and all right and title shall be transferred to the Company. This concession granted to Trulan by the Vendor will ensure the success of the project and removes any impediment to construction that may arise due to unforeseen delays.
Once the transfer has been completed and mining operations are underway, Trulan's financial obligation to the Vendor will be the payment of thirty-three and one third (33 1/3) percent of the net profits that arise from the production and sale of all products derived from the IGP Project. Such payments are to begin only after the capital costs associated with the establishment and construction of the pilot plant have been recouped by the Company.
About Trulan's IGP-Iron-Gold-Platinum Project
Trulan recently entered into an agreement to acquire a 100% interest in the IGP Iron-Gold-Platinum Project ("IGP" or the "Project") in the IV Region Region de Coquimbo of Chile. The relatively small region has a long history of mining and several operations are currently in production, including the Los Pelambres Deposit, which is the world's fifth largest copper mine.
The IGP Project totals 885 Hectares (2,186 Acres) of wide spread mineralization and ore bodies that contain high grades of Iron, Gold, Platinum and high value industrial minerals. There are eight known deposits in close proximity which have been tested to the point where an Indicated Ore resource has been delineated. The IGP comprises of four ore bodies with an Indicated Reserve in excess of 247 Million Metric Tons. Each of the four deposits have not been fully tested to determine ultimate size and they all remain open on all sides and at depth. Further exploration beyond the zones outlined to date is needed to realize the full extent of the mineralization and total size of the Ore bodies.
Trulan Resource's Mission is the exploration and development of mining properties whose economic potential is considered to be extensive, while requiring minimal infrastructure and operational costs, that can be advanced in an environmentally responsible manner.
This news release was prepared on behalf of the Board of Directors, which accepts full responsibility for its contents. For more information please contact Corporate Relations at 702-430-4690 or info@trulanresources.com.
Robert Rosner
President & CEO
Trulan Renegotiates Part Of Acquisition Agreement On The IGP Iron-Gold-Platinum Project To Ensure Successful Mining Operations Of Multi-Million Metric Ton Iron, Gold & Platinum Resource
Trulan Resources Inc. (OTC PINK: TRLR) reports that management has asked for, and been granted by the Vendor, an amendment to the original agreement whereby Trulan has the right to acquire a 100% interest in the IGP Project in central Chile.
The Definitive Agreement, which was entered into on February 26, 2013, originally stated that Trulan will have 16 months from the date of signing in which to complete the construction portion of the pilot plant prior to initial mining and processing of the ore bodies on the property. The amendment to the agreement extends this period of time from 16 months to 32 months. Additionally, a further 90 days will accommodate mechanical and process testing of the infrastructure on a ramp-up basis to ensure that mining operations proceed as planned.
Upon the successful conclusion of the testing phase all ownership of the project and property will be deemed to have been earned and all right and title shall be transferred to the Company. This concession granted to Trulan by the Vendor will ensure the success of the project and removes any impediment to construction that may arise due to unforeseen delays.
Once the transfer has been completed and mining operations are underway, Trulan's financial obligation to the Vendor will be the payment of thirty-three and one third (33 1/3) percent of the net profits that arise from the production and sale of all products derived from the IGP Project. Such payments are to begin only after the capital costs associated with the establishment and construction of the pilot plant have been recouped by the Company.
About Trulan's IGP-Iron-Gold-Platinum Project
Trulan recently entered into an agreement to acquire a 100% interest in the IGP Iron-Gold-Platinum Project ("IGP" or the "Project") in the IV Region Region de Coquimbo of Chile. The relatively small region has a long history of mining and several operations are currently in production, including the Los Pelambres Deposit, which is the world's fifth largest copper mine.
The IGP Project totals 885 Hectares (2,186 Acres) of wide spread mineralization and ore bodies that contain high grades of Iron, Gold, Platinum and high value industrial minerals. There are eight known deposits in close proximity which have been tested to the point where an Indicated Ore resource has been delineated. The IGP comprises of four ore bodies with an Indicated Reserve in excess of 247 Million Metric Tons. Each of the four deposits have not been fully tested to determine ultimate size and they all remain open on all sides and at depth. Further exploration beyond the zones outlined to date is needed to realize the full extent of the mineralization and total size of the Ore bodies.
Trulan Resource's Mission is the exploration and development of mining properties whose economic potential is considered to be extensive, while requiring minimal infrastructure and operational costs, that can be advanced in an environmentally responsible manner.
This news release was prepared on behalf of the Board of Directors, which accepts full responsibility for its contents. For more information please contact Corporate Relations at 702-430-4690 or info@trulanresources.com.
Robert Rosner
President & CEO
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