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Transnational Group, Inc. (NASDAQ:TAMG), has today announced that it is in negotiations with a mineral development company to acquire an interest in 70 contiguous mining claims located in the Pacific Northwest.
Transnational Group’s target property has an estimated recoverable amount of iron ore in excess of 687 million tons of high-grade magnetite concentrate (iron ore), with a reported quality between 40 to 50%. These estimates are based on studies performed by the U.S. Bureau of Mines and U.S. Geological Survey.
The company expects that the negotiations will be concluded by the end of this month.
“We are pleased to announce that Transnational Group is in negotiations to acquire an interest in a large iron deposit in the Pacific Northwest. The company expects to finalize this acquisition in the near future at which time we will provide shareholders with more information regarding the property and its production potential,” commented Dr. Philip Dutoit, CEO of Transnational Group.
“This acquisition will mark the beginning stage of our mission to become a highly successful producer of iron ore and other natural resources by exploring and entering profitable partnerships and joint ventures,” continued Dr. Dutoit.
Transnational Group, Inc. is a development stage holding company, whose primary business is focused on the exploitation of natural resources and acquiring and developing transportation systems through partnerships and joint ventures, as well as the development of partnerships with sponsoring governments and integrating management’s best practices and expertise into their infrastructure.
