LOS ANGELES, March 11, 2014 (GLOBE NEWSWIRE) -- Transnational Group, Inc. (TAMG), 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.
About Transnational Group, Inc.
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 formidable partnerships with sponsoring governments and integrating management's best practices and expertise into their infrastructure.
This press release includes forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, and also includes selected operating results presented without the context of accompanying financial results. These forward-looking statements include, among others, statements with respect to our objectives and strategies to achieve those objectives, as well as statements with respect to our beliefs, plans, expectations, anticipations, estimates or intentions. These forward-looking statements are based on our current expectations. We caution that all forward-looking information is inherently uncertain and actual results may differ materially from the assumptions, estimates or expectations reflected or contained in the forward-looking information, and that actual future performance will be affected by a number of factors, including economic conditions, technological change, regulatory change and competitive factors, many of which are beyond our control. Therefore, future events and results may vary significantly from what we currently foresee. We are under no obligation (and we expressly disclaim any such obligation) to update or alter the forward-looking statements whether as a result of new information, future events or otherwise.
CONTACT: 888-959-7095 firstname.lastname@example.orgSource:Transnational Group, Inc.