Novastar Resources to Acquire 900 Acre Platinum Group Metals Concession in Alabama.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Novastar Resources, Ltd. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :NVAS NVAS Netview Access Services ), a commercial mining firm engaged in the exploration of Thorium thorium (thôr`ēəm) [from Thor], radioactive chemical element; symbol Th; at. no. 90; at. wt. 232.0381; m.p. about 1,750°C;; b.p. about 4,790°C;; sp. gr. 11.7 at 20°C;; valence +4. and Rare Earth Metals announced today that the company has come to an agreement to acquire 900 acres of mineral leases from CM Properties, an Alabama sole proprietorship A form of business in which one person owns all the assets of the business, in contrast to a partnership or a corporation. A person who does business for himself is engaged in the operation of a sole proprietorship. . According to recent assays, there is evidence of Platinum Group Metals ("PGM's") as well as concentrations of both precious metals Precious Metals Valuable metals such as gold, iridium, palladium, platinum, and silver. Notes: Investing in precious metals can be done either by purchasing the physical asset, or by purchasing futures contracts for the particular metal. and Rare Earth Metals. Shareholders will be given regular updates as to the progress of both drilling and pilot recovery efforts. This 900 acre PGM PGM Program PGM Pragmatic General Multicast PGM Phosphoglucomutase PgM Program Manager PGM Platinum Group Metal PGM Pagemaker (software) PGM Portable Gray Map PGM Precision Guided Munition property will be tested via trenching, circulation drilling and core drilling. The Company intends to construct a pilot mill at this site (in Alabama) within the next six months. The pilot plant will enable the Company to begin production of concentrates and commence recovery of mineral assets during the drilling phase of the project. Field laboratory facilities will be constructed to aid in the preparation of samples at the pilot site. The company expects to generate revenues as production of PGM and Rare Earth Metals officially commences with the completion of the pilot plant. "This property, located on the Piedmont Trend near the southern end of the Appalachian Mountain range holds some tremendous potential mineral resources and we believe that this will be an exciting opportunity for Novastar Resources", concluded Dr. Charles Merchant, Owner of CM Properties. "Drilling is the key to proving the total potential resource here and that drilling can occur as a companion to running the pilot operation in expanding the resource base," further stated Dr. Merchant. Novastar Resources Ltd. has already identified industrial purchasers for future sales of Platinum Group Metals (PGM's). PGM's are used primarily in the jewelry and automotive industries. An industry insider indicated the market for PGM's should remain firm and steady for the foreseeable future. In addition to the above-mentioned 900 acre lease, Novastar Resources has secured an option on 405 additional acres on an adjacent property. Complete terms and details of this acquisition transaction will be disclosed to shareholders on the upcoming filing of (Special Events) -Form 8K -. Novastar Resources Ltd is a publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. within the commercial mining sector and is a significant commercial mining source of Thorium, a naturally occurring nuclear energy more efficient and far less radioactive than Uranium. The company's stock is traded and quoted on the OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. under the symbol NVAS. Further information is available on the company's website at www.novastarresources.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement This press release may include certain statements that are not descriptions of historical facts, but are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. These forward looking statements may include the description of our plans and objectives for future operations, assumptions underlying such plans and objectives and other forward looking terminology such as "may," "expects," "believes," "anticipates," "intends," "expects," "projects," or similar terms, variations of such terms or the negative of such terms. Such information is based upon various assumptions made by, and expectations of, our management that were reasonable when made but may prove to be incorrect. All of such assumptions are inherently subject to significant economic and competitive uncertainties and contingencies beyond our control and upon assumptions with respect to the future business decisions which are subject to change. Accordingly, there can be no assurance that actual results will meet expectations and actual results may vary (perhaps materially) from certain of the results anticipated herein. Novastar Resources Ltd. (OTC Bulletin Board:NVAS) |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion