Marine Mining Corp launches $4.2 million joint venture
Toronto, Ontario
Marine Mining Corp. (Marine) is pleased to announce the formation of a
strategic alliance with J.C. Duff Limited to develop a portion of Marine's
10,000 km2 concession off the coast of Ghana, West Africa.
Under the terms of an agreement, J.C. Duff Limited has agreed to form a new
company, Marine Sand and Gravel (MSG), that will take down a staged $450,000
private placement of units in Marine at $0.30 per unit. Each unit consists of a
common share of Marine and a share purchase warrant to acquire an additional
common share, exercisable at $0.45 per share for a 12 month period from the date
of issuance.
In addition, the parties have agreed to create a joint venture to develop a
combined aggregate operation and precious metals recovery operation on a portion
of the concession near Takoradi, a major port city considered to be a prime
end-user market for aggregate products. Marine Sand and Gravel has agreed to a
$700,000 earn-in. The joint venture anticipates establishing a pilot project at
a preliminary estimated cost of $4.2 million within two years of permitting and
is currently reviewing marine and related equipment needs.
Marine Mining Corp. is a junior exploration company, exploring for precious
metals, industrial minerals and aggregates on its marine concession in Ghana.
There are presently 28,583,272 shares issued and outstanding. J. C. Duff Limited
is a longstanding privately held aggregate producer and is a founding member of
the Aggregate Producers' Association of Ontario (APAO).
Ghana is a stable, democratic, rapidly growing West African country that
plans to double its per capita income by the end of this decade. There is
currently a strong focus on development of Ghana's infrastructure through a
program of road building and other measures.
For further information, we direct you to the Marine Mining Corp. web site at
www.marinemining.com and J. C. Duff Limited's website at www.jcduff.com.
