TORONTO, April 15, 2010 (GLOBE NEWSWIRE) -- Aspire International, Inc. ("Aspire" or the "Company") (Pink Sheets:APIT) announced today, further to its 43-101 report on its Na Wang Guangxi mine and deposit in China, it has received commitments to purchase all of the Manganese it can produce up to a level of 5,000 tons per day, and is anticipating a steady increase in production to a level of 2,000 tons per day, as soon as additional milling equipments can be acquired and installed.
The Guangxi manganese mining property has a mining area of 21.3 KM(2) and has been described as a World Class deposit by Geologists and Mining Engineers and Consultants familiar with the site.
Recent site visits included observations of exploration, development and mining activities over the five mineralized zones. The Geological Survey Institute of Laibin City has produced a resource estimate for Site #1, The Na Wang concession. The estimation has a reserve of 7.4 million metric tons with average grade of 20% manganese that through a refining process increases to 38-40%.
At just 5% of the entire resource area under control, Aspire would produce estimated revenues of between US$200 and US$400 million, based upon prices over the past three years. This report is available at the company web site www.apit.ca and concurs with the Aspire 43-101 report on the property.
Examination of the mining deposits in the Na Wang area were substantiated in the 43-101 report by numerous manganese rich-zones within Sandstone-Siltstone-Chert beds, deposited in a shallow quiescent platformal marine environment of lower Permian age, producing economic deposits of Manganese Oxide that can be surface mined economically, in particular a sheer vein of some 750 meters depth extending several kilometers, portending a very long mine-life, with a significant opportunity to apply modern exploration and mining methods to a major resource of 7,400,000 tons, in an area close to a deep port with excellent infrastructure, utilities, communications and access.
The 43-101 report recommends that Phase 1 increase production initially to 500 tons per day and, once the circuit is complete and operating efficiently, initiate a larger full scale Phase 2 operation, to include that 3 additional modules of 500 tons per day capacity be built to bring production to 2,000 tons per day main plant. This could ultimately be applied to other sites, scaling up to 5,000 tons per day.
This is very positive news for the company, as the report only covered the 5 sites and surrounding areas, and the entire deposit covers an area 20 times as large, making it a very large deposit indeed.
The company is currently reviewing a number of attractive proposals to move it forward to the next level, since it has already received strong purchase commitments for both Manganese and Iron Ore.
At Phase 1 production levels of 500 tons per day, the company expects to generate revenues of $10 Million per year or, based on the current number of shares outstanding, an upwards of $0.50 per share. Phase 2 would have the potential to generate $40 Million per year in revenues, or closer to $2 per share, and Phase 3 would increase production to $100 Million annually. These numbers are predicated on Aspire being able to successfully complete the necessary capital raises.
Manganese, with no production in the U.S. or Canada, has been certified by the U.S. Dept of State as a "'Strategic Mineral' essential for the economy and defense of the United States" that is unavailable in adequate quantities from reliable domestic suppliers, and this is extenuated by the fact that there is no satisfactory substitute for Manganese as the demand for its uses in hardened steel alloys continues to grow through innovative metallurgical discoveries and many new applications.
At full production, Aspire International in its own right would rank significantly high on the list of countries that produce Manganese. China, as one the World's largest producers, still had to import 9.6 Million tones to offset a production shortfall in 2009. At its projected maximum output of 5,000 tons per day, Aspire could help to reduce Manganese imports to China.
About Aspire International, Inc.
Aspire International, Inc. (Pink Sheets:APIT) was registered in the state of Maryland. Perfisans Networks Corporation, (www.perfisans.com), is a wholly owned subsidiary of Aspire International, Inc. and is headquartered in Markham, Ontario, Canada. Aspire Guangxi Inc. (http://www.apit.ca) is a Wholly Owned Foreign Enterprise (WOFE) in China. The Guangxi manganese mining property covers an area of 21.3 KM(2) containing 7.4 million metric tons of ore, according to a 43-101 report certified by a qualified Geologist with 30 yrs experience. The company is led by a seasoned management team to manage and oversee its mining operations and recently acquired the MOU of exploration rights to a very large 261 Sq Kilometer deposit covering several districts and provinces in the Kingdom of Cambodia and is estimated to hold over 1 Billion tons of Iron Ore.
More information can be obtained from the Company's web site at www.perfisans.com and http://www.apit.ca
Cautionary Statement
This press release contains statements relating to future results of Aspire (including certain projections and business trends) that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties. These risks and uncertainties include, but are not limited to: the cyclical nature of the semiconductor industry and the markets addressed by the company's and its customers' products; demand for and market acceptance of new and existing products; successful development of new products; the timing of new product introductions; changes in product mix; product obsolescence; the availability of manufacturing capacity; fluctuations in manufacturing yields; pricing pressures and other competitive factors; the ability to develop and implement new technologies and to obtain protection for the related intellectual property; the uncertainties of litigation; our ability to attract and retain qualified personnel; as well as other risks and uncertainties, including those detailed from time to time in Aspire's Securities and Exchange Commission filings. These forward-looking statements are made only as of the date hereof, and the company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.