AuraSource Receives First Order for Processed Iron Ore
26 Julio 2012 - 8:31AM
Marketwired
AuraSource, Inc. (OTCQB: ARAO) (OTCBB: ARAO),
a developer of hydrocarbon clean fuel and mineral material
beneficiation technology, today announced that it has received its
first order for processed iron ore from Minmetals, Inc., a wholly
owned division of China Minmetals Group ("Minmetals"). AuraSource
received a letter of credit for $6.5 million for the first shipment
of iron ore. AuraSource expects to make the first delivery in
September.
AuraSource will fulfill this contract through the 16 million
tons of both high grade and low grade iron ore it reserved in
February 2012. These mineral reserves allow AuraSource to apply its
proprietary processing technology and develop a sustainable revenue
stream.
Mr. Miao Jing, vice president of Minmetals, stated, "We are
eager to work with innovative companies such as AuraSource and
establish a long term sourcing and supply partnership for mineral
products."
Philip Liu, AuraSource's CEO, stated, "We look forward to a long
and mutually beneficial relationship with Minmetals. We are pleased
to commence our first revenue producing contract with such world
class company."
About China Minmetals
China Minmetal Group is one of the largest mineral products
trading company in the world, ranking #169 on the Global 500
largest companies.
For more information on China Minmetal, please visit
www.minmetals.com.
About AuraSource
AuraSource is focused on the development and production of
environmentally friendly and cost effective industrial energy and
feedstock used for industrial applications. AuraSource's core
technology includes ultrafine grinding and impurities removal
processes. Initial industrial applications of AuraSource technology
are ultra-fine coal water mixture for heavy oil substitution, and
low grade iron ore fine and slimes beneficiation.
For more information about AuraSource, please visit
www.aurasourceinc.com.
SAFE HARBOR STATEMENT This Press Release
may contain certain forward-looking statements within the meaning
of the Securities Litigation Reform Act of 1995. AuraSource has
tried, whenever possible, to identify these forward-looking
statements using words such as "anticipates," "believes,"
"estimates," "expects," "plans," "intends," "potential" and similar
expressions. These statements reflect AuraSource's current beliefs
and are based upon information currently available to it.
Accordingly, such forward-looking statements involve known and
unknown risks, uncertainties and other factors which could cause
AuraSource's actual results, performance or achievements to differ
materially from those expressed in or implied by such statements.
AuraSource undertakes no obligation to update or provide advice in
the event of any change, addition or alteration to the information
catered in this Press Release including such forward-looking
statements.
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CONTACT: For Company Eric Stoppenhagen
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