WorldVest acquires Chile Inversiones de Minerales
WorldVest, Inc. announced the signing of a Letter Of Intent ("LOI") for the acquisition of Chile Inversiones de Minerales, Ltda., a Chilean mineral investment and mining company ("CIM"). CIM consists of a highly experienced management team and holds mineral rights to a substantial "Tocopilla Beach Sands" Iron Ore reserve and several additional pending mineral concessions in Chile's Atacama Desert. CIM will serve as a wholly owned Chilean mining platform for WorldVest Hurricane.
CIM has been issued a municipal contract and the accompanying mineral exploitation rights to re-gentrify the contaminated "Tocopilla Beach Sands," which is the victim of rich natural iron ore deposits through decades of iron ore waste dumped at port by the country's metals exporters. This two kilometer by one half kilometer site is thought, based on preliminary geological estimates, to contain more than 50 million metric tons of high-grade iron ore. At the current FOB market price of $90 per metric ton, this project's recoverable Iron Ore value is greater than $4.5 billion. Due to the sandy soil composition of the iron sand deposit, WorldVest Hurricane predicts unusually low mining costs and anticipates 120 days to begin production and Iron Ore delivery from this reserve.
Additionally, CIM has numerous pending mineral exploration concessions in the Atacama Desert of Chile's third region, known as Chile's "iron belt." These concessions, which span an area of more than 8,000 acres, are known to contain three (3) different types of high-grade iron ore including iron sands, surface "granza" rocks and bedrock "vein" formations. Based on preliminary geological surveys, these concessions are projected to contain tens of millions of tons of recoverable iron ore from the surface sands alone, with tens of millions more in the granza and bedrock veins. WorldVest Hurricane looks to proceed immediately with a full study on these concessions and will subsequently file 43-101 geological reports on its acquired reserve properties.
The viability of the Tocopilla Beach Sands reserve is greatly enhanced by its proximity to a rare public minerals port in the region. CIM has entered final negotiations with the Port Authority for a Port Usage Agreement to begin loading and delivering up to five (5), 30,000 metric ton "Handysize" vessels per month, followed by a planned port expansion increasing current capacity to five (5) "Cape" size 150,000 metric ton vessels per month. In addition, WorldVest Hurricane has already secured shipping rights through the Port of Caldera, which is 25 miles from its pending desert sands concessions and will initially allow five (5) 50,000 metric ton "Handymax" vessels per month ahead of its planned port expansion allowing for 150,000 ton "Cape" size ships in 2011.
CIM boasts a management team of highly experienced mining and minerals professionals who lead its day-to-day Chilean operations. This team possesses average industry experience of greater than 15 years per individual in the areas of geology, mining operations, minerals processing, logistics and commodities sales, specifically within Chile. Additionally, CIM's senior executives have extensive experience in working through the potentially onerous governmental processes required to obtain mineral exploration, exploitation and environmental permits required within Chile. This ability will prove to be a great resource to WorldVest Hurricane in its future projects within the country.
"The country of Chile has not received the attention it deserves as a rich source of high-grade, easily exploited iron ore deposits," said WorldVest Hurricane Chairman and Chief Executive Officer, Garrett K. Krause. "With the acquisition of CIM, WorldVest Hurricane will secure a tremendous Iron Ore reserve along with multiple pending concessions and a team of individuals capable of maximizing its operations in Chile. We plan to enter production on the Tocopilla Beach Sands reserve inside of 120 days and anticipate shipping a minimum of 300,000 metric tons against our Chinese contracts before the year's end, for projected revenues of $39,000,000, ahead of substantial anticipated growth in our Iron Ore production and delivery throughout 2011 and beyond."
Source: WorldVest, Inc.
