Cambodia Gold & Ruby Exploration Project Moves to Second Phase -- Terra Energy & Resource Technologies Increases Royalty Rights
26 Janvier 2010 - 1:00PM
Marketwired
Terra Energy & Resource Technologies, Inc. (OTCBB: TEGR), a
natural resources exploration services technology company,
announces that the Company has signed a phase two contract for gold
and ruby exploration in Cambodia, increasing its royalty rights in
the overall project.
The exploration services contract engages Terra in its
proprietary satellite-based STeP® analysis of gold and ruby
mineralization in Cambodia, which is the second phase contracting
of exploration after it successfully completed the first phase of
the project. As requested by the client, in addition to STeP®,
Terra is to perform other traditional geological and management
services, in order to further define and locate resources after
presenting the client with good indications of mineral
prospectivity and priority zones as a result of Terra's phase one
survey.
Terra previously signed a working agreement with the Millennium
International Group, which serves as a frame work of the
relationship between the companies and outlines the pricing,
royalty as well as co-investment rights, among other provisions,
Terra Energy & Resource Technologies obtains as consideration
for its services.
In connection with the phase two contract, Terra has an
increased royalty interest in the acreage and co-investment rights
contingent upon the advancement of the exploration license in
Cambodia.
"We have had several service contracts with the Millennium
International Group over the past six months. This relationship is
dear to us, and we are encouraged that this client is also our
market partner in Asia," said Dmitry Vilbaum, Chief Executive
Officer of Terra Energy & Resource Technologies.
"The synergy is in Terra performing the services for cash,
royalty, and non-promoted co-investment rights, effectively
creating a joint venture with the client," said Dr. Alexandre
Agaian, Terra Energy & Resource Technologies' President. "Terra
is encouraged and incentivized to perform its innovative technology
work and help our JV shorten the exploration cycle and expense to a
minimum, so that Terra can start receiving the royalty cash flow
and potentially co-invest on the same terms as the Millennium
International Group."
About Terra Energy & Resource Technologies, Inc.
Terra Energy & Resource Technologies, Inc., through its
subsidiary Terra Insight Services, Inc., provides mapping and
analysis services for exploration, drilling, and mining companies
related to natural resources found beneath the surface of the
Earth. The Company uses a suite of innovative and efficient
technologies, which facilitate the prediction and location of
commercially viable deposits of hydrocarbons, gold, diamonds, and
other natural resources, and assesses them for any given geographic
area -- on or offshore. For more information, visit
http://www.terrainsight.com.
Safe Harbor for Forward-looking Statements
This press release may contain forward-looking information
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, and is subject
to the safe harbor created by those sections. There are many
factors that could cause the Company's expectations and beliefs
about its operations, its plans to acquire interests in exploration
properties or technologies, plans to drill or drilling results to
fail to materialize, including, but not limited to: competition for
new acquisitions; availability of capital; unfavorable geologic
conditions; prevailing prices for oil, natural gas and other
natural resources; and general regional economic conditions.
For More Information, Please Contact: Terra Energy &
Resource Technologies, Inc. 212-286-9197 info@terrainsight.com
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