FREEHOLD, N.J. - May 8, 2012 (Investorideas.com Newswire) - Raptor Resources Holdings Inc. (OTCQB: RRHI),
announces today the signing of a Memorandum of Understanding (MOU) with
one of the world’s oilfield service giants. The MOU lays the groundwork
for a long-term purchase agreement between both companies. Once in full
production, the company estimates it will ship 220,000 tons/year
against the 2M tons listed in the MOU. The MOU provides exclusive rights
to the customer for all API (American Petroleum Institute) barite
applications.
The
Gulf of Mexico, home to the largest concentration of active rigs
world-wide consumed up to 5M tons of bulk barite during CY2010 with the
major contributors being China (3.6M tons) and India (1M tons). Barite
is used as a weighting agent during drilling to reduce the formation
pressures preventing well blowouts. API Grade bulk barite prices
referenced in Industrial Minerals’ March 2012 commodity price list
averaged $144/ton based on FOB China and FOB India conditions
representing a 48% price increase since August 2011.
The
company is also in early stage discussions with non-API customers to
provide a combined total of 110,000 tons/year of the company’s premium
barite for applications in the Paint, Automotive, Medical and
Plastic/Rubber sectors. Pure Barium Sulfate (BaSO4) has a specific
gravity of 4.5. Dodge Mine
samples tested by the University of Zimbabwe in late 2011 documented
the company’s white barite at 97.25% and the pink barite at 95.5% pure
Barium Sulfate (BaSO4). With bright white barite during the 1st Qtr.
commanding a price premium in the order of $225/ton, the company’s business model,
once at full capacity, represents 330,000 tons/year taking optimum
advantage of the high percentage of superior grade barite deposits at
Dodge Mine to support non-API applications.
Dodge
Mine is a world class, hydrothermal mountain range covering 305 acres.
The barite deposits are 100% recoverable compared to certain barite
mines in Nevada that are rated 45% recoverable. The company was
proactive to recently acquire an additional 1235 acres along the
mountain range bringing the total property size to 1540 acres. The
company recently started a gravity mapping program to identify all
mineral/metal types on the Dodge Mine property with first priority being
barite anticipating a mineral/metal composite of probable/proven
reserves. The gravity mapping program is targeting completion this June.
Al
Pietrangelo, President & CEO of Raptor Resources Holdings Inc.,
stated, "The short term delay in alluvial surface gold mining was a bold
move to aggressively secure Dodge Mine and surrounding property that
should benefit the shareholders for years to come. As we move into
production to generate revenue from the mineral/metal assets of Dodge
Mine along with our intent to start alluvial gold production the second
half of this year, we anticipate the combined revenue from both business
units will create sustaining shareholder value on both fronts over the
next 18 months."
The
company is in early stage discussions with industry experts to
vertically integrate certain stand alone minerals and blended minerals
for value added revenue opportunities as well as continuing to target
new mineral assets to compliment the company’s portfolio of
mineral/metal assets.
Mr.
Pietrangelo further stated, "This is a very exciting time for Raptor
Resources Holdings Inc. Since the change of control of the parent
company was effectuated last May, 2011, management has tirelessly sought
out many opportunities for and on behalf of our shareholders." He
added, "This is just the beginning of the many events that are expected
to unfold, which we firmly believe will lead us to a strong profitable
future."
Raptor Resources Holdings Inc. (parent/holding Company)
Raptor
Resources Holdings Inc. is the parent/ holding Company with three
independently operating subsidiaries: TAG Minerals Inc., Mabwe Minerals
Inc. and Lantis Laser, Inc. (www.raptorresourcesholdings.com)
About TAG Minerals Inc.
TAG
Minerals Inc. is a U.S. based (incorporated in Wyoming ) mineral
resource acquisition, exploration and development company, with
operations conducted through its operating affiliate, TAG Minerals
Zimbabwe (Private) Limited. The company’s business is managed by its
directors and officers who have mineral extraction and commercial
experience. TAG’s strategy is to identify, acquire and exploit mineral
properties that have potential. TAG Minerals is augmented by independent
financial, geological, and mining professionals who advise the company
on its mining and exploration projects throughout Zimbabwe, Africa.
To find out more about the mining equipment utilized by TAG; visit (www.extrac-tec.com)
About Mabwe Minerals Inc.
Mabwe
Minerals Inc. is a U.S. based natural resources and hard asset OTCQB
publicly traded, fully reporting company engaged in the mining and
commercial sales of industrial minerals and metals.
About Lantis Laser, Inc.
Lantis
Laser, Inc. is developing under license, synergistic, high resolution,
light-based imaging modalities which can detect decay and
microstructural defects at an early stage, and unlike x-ray, do not emit
potentially harmful ionizing radiation. Its products are in development
and cannot be sold until FDA clearance for marketing is obtained.
For more news on OCT in Dentistry; visit: (www.octnews.org)
Safe Harbor.
Statements
regarding financial matters in this press release other than historical
facts are "forward-looking statements" within the meaning of section
27A of the Securities Act of 1933, Section 21E of the Securities
Exchange Act of 1934, and as that term is defined in the Private
Securities Litigation Reform Act of 1995. The company intends that such
statements about the company's future expectations, including future
revenues and earnings, technology efficacy
and all other forward-looking statements be subject to the safe harbors
created thereby. The company is a development stage company who
continues to be dependent upon outside capital to sustain its existence.
Since these statements (future operational results and sales) involve
risks and uncertainties and are subject to change at any time, the
company's actual results may differ materially from expected results.
CONTACT INFORMATION
Corporate Inquiries:
Al Pietrangelo, President & CEO
Raptor Resources Holdings Inc.
Telephone: 732.252.5146
a.pietrangelo@raptorresourcesholdings.com
Raptor Resources Holdings Inc.
Telephone: 732.252.5146
a.pietrangelo@raptorresourcesholdings.com
Published at Investorideas.com Newswire
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