AUSTIN, Texas, Sept. 26, 2012 /PRNewswire/ -- Buyer Group
International, Inc. (BYRG.PK) ("BYRG" or the "Company"), is pleased
to announce that it has entered into a Letter of Intent dated
August 1st, 2012, for a joint venture
with certain equity partners and assigns of Caribou Greenland,
Corp., whereby BYRG has the option to acquire up to a 40% interest
in 360,000 acres near Isortoq, Greenland.
"We are tremendously excited about the potential of
Greenland. Not only do we
feel that the asset value of the property exceeds our initial
investment, we obtain valuable land with large deposits of
strategic minerals sought by many other nations such as
China, which is currently plowing
all corners of the world in search for rare earth resources. We
will strive to maintain a competitive presence," said David A. Bryant, BYRG's President.
Preliminary reports prepared by geologist researching the
property indicate a large surface strike zone carries roughly 800
million to over a 1 billion tons of ore which in concentrations
from sample extractions ranging 20-49% Iron, 6-11% Titanium and
0.10-0.19% Vanadium, amongst other elements subject to a 2.5%
smelter royalty.
Under terms of the Joint Venture Agreement, BYRG will
arrange to guarantee, contribute or loan $2 million to
participate subject to an option to purchase the land for a
deposit of $1 million and
a final payment of $1
million is due in ten months at 15% per annum. Assets
include a profitable reindeer meat processing station and herd
valued at $4.7 million, all
agriculture and farming rights, full rights to the reindeer herds,
and surface access rights to approximately 360,000 acres of
land. As proposed, any equity party offering reduced
contributions may be settled by the participating interest may be
diluted a pro rata basis according to the contributions of all
parties. A final 20% of the Joint Venture has been reserved for
future parties to be determined or used in adjustment of the equity
in the partnership.
Completion of the transaction is dependent upon important
contingencies, including BYRG obtaining financing or pending
guarantees, of which there is no assurance.
The property is situated roughly at approximately 70 kilometers
west of the port town of Narsaq, Greenland, near Isortoq, South Greenland a Territory of Denmark. The area has access to water
and port facilities which makes the area attractive to future
development of rare earth mining.
Safe Harbor Statement
Information in this news release may contain statements about
future expectations, plans, prospects or performance of Buyer Group
International, Inc. that constitute forward-looking statements for
purposes of the Safe Harbor Provisions under the Private Securities
Litigation Reform Act of 1995. The words or phrases "can be",
"expects", "may affect", "believed", "estimate", "project" and
similar words and phrases are intended to identify such
forward-looking statements. Buyer Group International, Inc.
cautions you that any forward-looking information provided by or on
behalf of Buyer Group International, Inc. is not a guarantee of
future performance. Completion of the transaction is dependent upon
important contingencies, including completion of financing, of
which there is no assurance. None of the information in this
press release constitutes or is intended as an offer to sell
securities or investment advice of any kind. Buyer Group
International, Inc.'s actual results may differ materially from
those anticipated in such forward-looking statements as a result of
various important factors, some of which are beyond Buyer Group
International, Inc. 's control. In addition to those discussed in
Buyer Group International, Inc.'s press releases, public filings,
and statements by Buyer Group International, Inc.'s management,
including, but not limited to, Buyer Group International, Inc.'s
estimate of the sufficiency of its existing capital resources,
Buyer Group International, Inc.'s ability to raise additional
capital to fund future operations, Buyer Group International,
Inc.'s ability to repay its existing indebtedness, the
uncertainties involved in estimating market opportunities, and in
identifying contracts which match Buyer Group International, Inc.'s
capability to be awarded contracts. All such forward-looking
statements are current only as of the date on which such statements
were made. Buyer Group International, Inc. does not undertake
any obligation to publicly update any forward-looking statement to
reflect events or circumstances after the date on which any such
statement is made or to reflect the occurrence of unanticipated
events.
Media Contact:
Heidi Gillion
Heidi@pr-publicrelations.info
Telephone: 323-250-9904
ir@byrg.org
SOURCE Buyer Group International, Inc.
