Major Natural Gas Discovered Near Amazon's Cerrado Verde Potash Claims
09 Septembre 2010 - 2:00PM
Marketwired
Amazon Mining Holding Plc (TSX VENTURE: AMZ) ("Amazon" or the
"Company") is pleased to announce that a local exploration
syndicate prospecting for natural gas in areas within and near the
Company's Cerrado Verde Project have resulted in a significant
natural gas discovery. While mining rights under Brazilian law are
distinct from hydrocarbon claims, the presence of local fuel supply
could dramatically reduce operating costs for the Company's potash
fertilizer.
The announcement of the discovery in the municipality of Morada
Nova de Minas was made by the governor of Minas Gerais, Antonio
Anastasia. The state of Minas Gerais holds a 49% participation in
the syndicate which is also composed of Orteng, Imetame Engenharia
and Delp Engenharia. The discovery is located within 40 km of
Amazon's mineral claims and was the first well drilled by the
syndicate in one of its 5 exploration areas.
Despite its growing production, Brazil is currently an importer
of natural gas, with over 30 million cubic meters a day being
imported from Bolivia. The current price for delivered Bolivian gas
is around US$ 7.42 per million BTUs, 35% higher than locally
produced Brazilian gas. The expectation is that the recent
discoveries in the Cerrado Verde region will lead to even lower
prices to the local market because the region is not yet served by
a gas pipeline that could serve to transport the product to more
distant consumers.
The natural gas reserves were publicized following the
intersection of free flowing gas at 1,440 meters, which is expected
to be the first of a multiple horizon system that might reach the
depth of 2,500 meters. The drill will reach that depth within 60
days. According to the state Secretary of Mining, Metallurgy and
Energy, Paulo Sergio Machado Ribeiro: "irrespective of any long
term project, the aim is to already start production by next year
in order to benefit the industries established in the region".
Minas Gerais state governor Antonio Augusto Anastasia
highlighted the synergy of the discovery and local industries:
"This cheaper gas will serve all consumers, particularly the
industrial ones, because this means a significant reduction in
production costs". State Secretary Machado Ribeiro completed in
particular regard to the Cerrado Verde Potash project: "We are
pleased to see that the discovery of natural gas will also be a
boon to the agricultural sector because it will lower costs for the
local production of potash. We are undertaking talks with Amazon
Mining in order to reach an agreement that will ensure the flow of
benefit in the near future."
Commenting President & CEO Cristiano Veloso, "We are pleased
to learn about the important regional discovery of natural gas
because energy costs have been our key concerns in developing the
Cerrado Verde project. This regional exploration success should
provide a low cost option to enhance the economics of our future
potash production. Amazon applauds the bold action by the state
government".
About Amazon
Amazon Mining is a mineral exploration and development company
founded by Brazilians in 2005. The company is focused on the
development of Cerrado Verde project. Cerrado Verde is source of a
potash rich rock from which Amazon plans to produce a slow-release,
non-chloride, multi-nutrient, fertilizer product. Amazon Mining is
a UK public company with shares listed on the TSX Venture Exchange
since November 2007.
On behalf of the Board of Directors of Amazon Mining Holding
Plc, Cristiano Veloso, President and CEO.
Cautionary Language and Forward Looking Statements
THIS PRESS RELEASE CONTAINS CERTAIN "FORWARD LOOKING
STATEMENTS", WHICH INCLUDE BUT IS NOT LIMITED TO, STATEMENTS WITH
RESPECT TO THE FUTURE FINANCIAL OR OPERATING PERFORMANCE OF THE
COMPANY, ITS SUBSIDIARIES AND ITS PROJECTS, STATEMENTS REGARDING
USE OF PROCEEDS, EXPLORATION PROSPECTS, IDENTIFICATION OF MINERAL
RESERVES, COSTS OF AND CAPITAL FOR EXPLORATION PROJECTS,
EXPLORATION EXPENDITURES, TIMING OF FUTURE EXPLORATION AND
PERMITTING, REQUIREMENTS FOR ADDITIONAL CAPITAL, GOVERNMENT
REGULATIONS OF MINING OPERATIONS, ENVIRONMENTAL RISKS, RECLAMATION
EXPENSES, TITLE DISPUTES OR CLAIMS, AND LIMITATIONS OF INSURANCE
COVERAGE. FORWARD LOOKING STATEMENTS CAN GENERALLY BE IDENTIFIED BY
THE USE OF WORDS SUCH AS "PLANS", "EXPECTS", OR "DOES NOT EXPECT"
OR "IS EXPECTED", "ANTICIPATES" OR "DOES NOT ANTICIPATE", OR
"BELIEVES", "INTENDS", "FORECASTS", "BUDGET", "SCHEDULED",
"ESTIMATES" OR VARIATIONS OF SUCH WORDS OR PHRASES OR STATE THAT
CERTAIN ACTIONS, EVENT, OR RESULTS "MAY", "COULD", "WOULD",
"MIGHT", OR "WILL BE TAKEN", "OCCUR" OR "BE ACHIEVED". FORWARD
LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES
AND OTHER FACTORS WHICH MAY CAUSE THE ACTUAL RESULTS, PERFORMANCE
OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY
FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY
SAID STATEMENTS. THERE CAN BE NO ASSURANCES THAT FORWARD-LOOKING
STATEMENTS WILL PROVE TO BE ACCURATE, AS ACTUAL RESULTS AND FUTURE
EVENTS COULD DIFFER MATERIALLY FROM THOSE ANTICIPATED IN SAID
STATEMENTS. ACCORDINGLY, READERS SHOULD NOT PLACE UNDUE RELIANCE ON
FORWARD-LOOKING STATEMENTS.
The potential grades detailed in this release are conceptual in
nature. There has been insufficient exploration to define a mineral
resource and it is uncertain if further exploration will result in
the targets being delineated as a mineral resource.
Readers are cautioned not to rely solely on the summary of such
information contained in this release and are directed to the
complete set of drill results posted on Amazon's website
(www.amazonplc.com) and filed on SEDAR (www.sedar.com) and any
future amendments to such. Readers are also directed to the
cautionary notices and disclaimers contained herein.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
Contacts: Amazon Mining Holding Plc Cristiano Veloso President
& Chief Executive Officer +44 (0) 20 8133 7607 +44(0)20 7405
7773 (FAX) cv@amazonplc.com Amazon Mining Holding Plc Jed
Richardson VP Corporate Development +1(416) 866-2966 +1(416)
866-8829 (FAX) jed@amazonplc.com www.amazonplc.com
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