LAS VEGAS, July 1, 2015 (GLOBE NEWSWIRE) -- Transnational Group, Inc. "Transnational" (Pink Sheets:TAMG), today announced that the Company has exchanged executed and binding Letters of Intent (LOI) with the Marble Mountain Mine Operation located in Enterprise, Utah.
According to the LOI, Transnational Group has assumed operational control of the Marble Mountain Mine as of July 1, 2015 including all of its mining operations, production distribution, sales and administration in exchange for a pre negotiated royalty fee to be paid to the mine's previous operators on a monthly basis.
The Marble Mountain Mine is located in southwestern Utah and currently generates a cash flow that will immediately be realized by Transnational as revenue, states the LOI. According to the Company, the property is estimated to contain silver in amounts that it projects will generate approximately $1 million per year in revenue moving forward.
"Transnational is excited to announce our recent operational acquisition of Marble Mountain as the first definitive agreement the Company has entered into since our restructuring. This mine will begin generating revenue for Transnational immediately as it already produces a cash flow and we will have access to use several pieces of heavy equipment currently located on the property, enabling a seamless operational transition," commented the Company's CEO, Dr. Philip Dutoit.
"In addition to this Marble Mine LOI, management is continuing to work diligently on closing other potentially lucrative deals currently in our pipeline," added Dr. Dutoit.
"The recent addition of Nir Giat as board member has borne immediate results as he has already reached out to several potential new clients for Marble Mountain. As a result, Transnational expects to increase the revenue above levels historically generated by this mine within the first three months after closing," added Martin Katz, CFO of Transnational Group.
About Transnational Group, Inc.
Transnational Group is a development stage holding company whose primary business is the acquisition and development of interests in the financial, consulting and natural resources sectors. The Company focuses on developing properties and business opportunities through partnerships and joint ventures while integrating management's best practices and expertise.
Investors: The United States Securities and Exchange Commission limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically and legally extract or produce. We use certain terms on this press release, such as "reserves," "resources," "geologic resources," "proven," "probable," "measured," "indicated," or "inferred," which may not be consistent with the reserve definitions established by the SEC. U.S. investors are urged to consider closely the disclosures in our reports filed with the OTC Markets Group, Inc.
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. 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.
CONTACT: 888-959-7095 firstname.lastname@example.orgSource:Transnational Group, Inc.