LAS VEGAS, April 30, 2015 (GLOBE NEWSWIRE) -- Transnational Group, Inc. "Transnational" (Pink Sheets:TAMG), today announced that it has entered into the contract phase with the claim holders of the Mount Vista Gypsum property in Nevada to move the acquisition process forward following positive sample test results.
This development follows the Company's March 19th announcement that it had exchanged Letters of Intent with the Nevada Outdoor School (claim holders) to secure the rights to mine gypsum on several claims that comprise the Mount Vista Gypsum Property in southern Nevada. Results of the tests performed on samples recovered on the property have all come back showing that the gypsum is high grade and commercially viable.
Based on the new test results, management has upwardly revised its projections for the property's production to 1 million tons of gypsum per year from 600,000 tons as previously announced. Additionally, contracted engineers estimate the property's total gypsum resource to be between 150 and 200 million tons, which would have a value between approximately $4.5 and $6 billion at today's gypsum prices and a lifespan of 100 years.
Dr. Philip Dutoit, CEO of Transnational Group, stated, "The recent sample and study results we received from Mount Vista have surpassed our expectations of the both the grade and total size of the gypsum resource contained on this property. Transnational believes that we could potentially begin production on this project during the third quarter of this year dependent upon the completion of the permitting process which we are currently involved in with the Bureau of Land Management (BLM)."
"Transnational Group expects to finalize the acquisition of Mount Vista Gypsum Property Claims within the next 30 to 60 days and will continue to update our shareholders on this project's progress," concluded. Dr. Dutoit.
About Transnational Group, Inc.
Transnational Group, Inc. is a development stage holding company whose primary business is focused on the acquisition and development of interests in the financial, consulting and natural resources sectors, focusing on developing properties and opportunities through partnerships and joint ventures, integrating management's best practices and expertise into their infrastructure.
Cautionary Note to U.S. 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.
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