CARSON CITY, Nev., April 6, 2010 (GLOBE NEWSWIRE) -- Dennis Lorrig, the president and director of Denarii Resources Inc. (OTCBB:DNRR) (Berlin:8D3) (Frankfurt:8D3), is pleased to announce the company's Board of Directors have entered into an agreement to proceed with the previously announced Joint Venture with Southern Energy Company Inc. and Maria Ines Moraga Latapiat, for the Lota Bay, Chile Maritime Concession for the recovery of coal.
Southern Energy previously completed several stages of work on this project. These stages included drilling of the Concession to define coal depth and layering within the structure, testing of the coal content of the deposit, Environmental Impact Studies to the Chilean Government specifications, Water Column testing and sampling, dredging studies, recovery systems analysis, environmental recovery methods, costs analysis and a detailed pro forma.
Southern Energy stated that there is an indicated minimum of 275,000 recoverable tonnes within the concession and a probable 75,000 tonnes on the edges of the calculated recoverable drilled reserve according to their studies. Southern Energy acquired additional land with access to road, rail, power and water adjacent to the property for a processing site for the coal recovery systems.
Mr. Ricardo Munoz, president of Southern Energy, stated that, "Many years of hard work and over a $1,000,000 USD has been spent on the Project to date mostly before Ms. Latapiat acquired the initial concession. We now believe that with the Management of Denarii and their proven ability to raise money for resource projects, we will see coal production from this Project in the very near future."
Mr. Dennis Lorrig of Denarii has stated that "He looks forward to the successful development of this project for Mr. Munoz and his shareholders, but also the people of Chile who have been so badly affected by the recent major earthquake centered so close to Lota Bay. We are confident that we can expedite the development and production of the deposit particularly due to the recent increase in the international price of coal."
About Lota Bay Coal Concession
Previous owners of the initial Lota Bay Coal Concession completed extensive development work and calculated recoverable drilled reserves of 275,000 tonnes and a further estimated probable reserve of 90,000 tonnes.
About Denarii Resources, Inc.
Denarii Resources Inc. is in the mineral resource exploration and development business and currently owns a 100% interest in the McNab Molybdenum property located in South-West, British Columbia, Canada. Denarii has also entered into an agreement to acquire two coal concessions in Chile, South America. Denarii is continually moving forward with researching and acquiring multiple assets that it hopes will generate positive cash flow for Denarii. Denarii is presently reviewing a number of precious metal properties. These properties are near or in production Gold and Silver properties located in North, South and Latin America. Specifically included in the companies due diligence is a Gold property in South-East California and a Gold, Silver and Copper property in South America, as previously announced in other corporate news releases. Denarii was founded in 2006 and is based in Carson City, Nevada. For more information, please visit www.dnrrinfo.com.
Forward-Looking Statements
You should not place undue reliance on forward-looking statements in this press release. This press release contains forward-looking statements that involve risks and uncertainties. Words such as "will," "anticipates," "believes," "plans," "goal," "expects," "future," "intends," and similar expressions are used to identify these forward-looking statements. Actual results could differ materially from those anticipated in these forward-looking statements for many reasons, including the risks we face as described in this press release. For further information about Denarii Resources, Inc. please refer to its website at www.dnrrinfo.com.