Trulan Resources Inc. (OTCPK:TLAN) (the "Company" or "Trulan") is pleased to report that it has entered into a Letter Of Intent ("LOI") with a privately held South American mining concern (the "Vendor") to ultimately acquire gold, platinum and industrial minerals deposits in Chile.
General provisions under the Letter Of Intent dictate that the preponderance of information relating to the project (hereinafter referred to as the "Project" or "IGP") is to remain confidential while Trulan continues its due diligence and evaluation of the Project and deposits that comprise the IGP. However, certain information has been made available in order to outline the scope of the Project as it relates to the Company's implementation of its strategic corporate plan.
The Project, which covers a large land area, has been previously explored and tested by the Vendor to the point where a substantial data package has been compiled and a preliminary report was written and provided to Trulan which outlines the potential of numerous deposits on the property. The report states that the Indicated Ore reserves, thus far, are in excess of 160 Million Metric Tons and are predominantly comprised of Iron, Gold, Platinum and other valuable industrial minerals. Each of the deposits has been delineated to the point where they conform to SEC Industry Guide 7: Description of Property by Issuers Engaged or to be Engaged in Significant Mining Operations, and the ore bodies described in the report fall within the 'Indicated' category. The deposits remain open and have not been fully tested to determine their final depth. Further drilling will determine the ultimate size and long term economic potential of the ore bodies.
Given the geologic nature of the IGP deposits in general, the Project does not require extensive and expensive ongoing exploration or development. The ore bodies are considered to be clean, which is to say that there are no contaminants or overburden of any consequence on the Project deposits.
The preliminary report provided by the Vendor outlines three potential sources of revenue from the ore bodies; heavy mineral components, light mineral components, and the economic potential of the unexplored bedrock beneath the deposits.
Trulan believes the IGP is a significant property of merit and falls within its parameters for potential acquisition or joint venture based on project size, available data, previous metallurgical testing, relative ease of near-term entry into production and additional exploration potential. Final determination of the Project's suitability will be made following the review of the data provided, confirmation of the results published in the preliminary report, and analysis of pertinent corporate matters as they may relate to the due diligence process.
Trulan Resource's Mission is the exploration and development of mining properties whose economic potential is considered to be extensive, while requiring minimal infrastructure and operational costs, that can be advanced in an environmentally responsible manner.
This news release was prepared on behalf of the Board of Directors, which accepts full responsibility for its contents. For more information please contact Corporate Relations at 702-430-4690 or firstname.lastname@example.org
President & CEO
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SOURCE Trulan Resources Inc.