Terra Energy & Resource Technologies' STeP(R) Analysis Leads to Geological Discovery of Rubies and Gold in Cambodia
04 August 2010 - 8:00PM
Terra Energy & Resource Technologies, Inc. (OTCBB:TEGR), a
natural resource exploration technology company, announces a
substantial ruby and gold geological discovery in Cambodia by The
Millennium International Group based on Terra's proprietary STeP®
technology.
In the beginning of 2010, the Company, through its services
subsidiary Terra Insight Services, Inc., performed a two-phase
analysis to assess the ruby and gold mineralization potential of
100 square kilometer target exploration area in Cambodia for its
client, Millennium. Millennium's recent field testing campaign
confirmed Terra's analysis findings. The STeP research,
carried out remotely using three satellite-based and analytical
methods, revealed several areas prospective for rubies and gold in
alluvial and hardrock form. Millennium acted on the
recommendations provided by Terra and dispatched its local geology
team into certain areas delineated by Terra as prospective,
starting with the priority territory. Based on the results of
bulk sampling and other geological work, Millennium's geologists
reported to Terra findings of gold and ruby gemstones in all of the
sampled areas and projecting commercial extraction of gems for at
least five years.
"The work performed by Terra provided critical recommendations
for drilling/mining locations relating to the extraction of gold
and rubies from the territory. We are not aware of any
technology capable of attaining these kinds of results solely from
remote sensing, especially in alluvial gem exploration. We
believe Millennium's confirmation is a significant validation of
Terra's technologies, pointing to a bright future for the use of
the STeP® technology in hardrock and alluvial deposit exploration,"
said Dmitry Vilbaum, CEO of Terra Energy & Resource
Technologies.
"Exploration via the STeP® technology was a novelty for
Millennium, and we elected to proceed because the evidence of the
technologies' efficacy was convincing. We are delighted with
the results, because Terra's services has eliminated the
traditional exploratory risks and dramatically reduced our
costs. The success from our initial testing efforts without
any other prior geological work can only be attributed to Terra's
precision in predicting mineralization," said Dr. Robert Q. Lam,
Millennium's President.
"Terra's technologies were instrumental in exploring a pure
jungle, difficult to access area, where classic remote sensing as
well as traditional geological methods would likely be stymied by
the dense vegetation and challenging terrain. All of this was
done remotely using satellite data, and without the need to set
foot on the ground in Cambodia, demonstrating the power of the
STeP® technology. We identified several large mineral deposits
in a fraction of the time and for a fraction of the cost, compared
to conventional exploration methods," added Mr. Vilbaum.
"It is important to observe that this service project has the
potential to yield revenue beyond the cash fees Terra has been paid
for the services it rendered. In this STeP survey contract,
Terra has also earned a 3% overriding royalty and a 10%
co-investment right. We are encouraged by Millennium's prompt
pursuit of exploration after our analysis. Expeditious
commercialization of the deposit should result in a near term
royalty cash flow for Terra. We expect to make a decision on
whether to exercise our co-investment right in the near future,"
stated Dr. Alexandre Agaian, Terra's President.
About Terra Energy & Resource Technologies,
Inc.
Terra Energy & Resource Technologies, Inc., through its
subsidiary Terra Insight Services, Inc., provides mapping and
analysis services for exploration, drilling, and mining companies
related to natural resources found beneath the surface of the
Earth. The Company uses a suite of innovative and efficient
technologies, which facilitate the prediction and location of
commercially viable deposits of hydrocarbons, gold, diamonds, and
other natural resources, and assesses them for any given geographic
area -- on or offshore. For more information, visit
http://www.terrainsight.com.
Safe Harbor for
Forward-looking Statements
This press release contains forward-looking information within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, and is subject
to the safe harbor created by those sections. Certain
information contained in this press release is based on information
provided by Millennium and its proposed activities. There are
many factors that could cause the Company's expectations and
beliefs about its operations, services, plans, projects, and
contracts, and its plans or proposals to acquire interests in, or
participate in, exploration activities or properties, to fail to
materialize, including, but not limited to, availability of
capital, satisfaction of contractual requirements, unfavorable
geologic conditions, the amount of reserves projected or ultimately
discovered, and general regional economic conditions.
CONTACT: Terra Energy & Resource Technologies, Inc.
212-286-9197
info@terrainsight.com
Emerging Markets Consulting, LLC
Investors Relations:
Jim Painter
407-488-4114
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