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Jade Art Group Inc. (OTCBB: JADG) (March 3, 2008) announced yesterday that Jiangxi SheTai Jade Industrial Co., Ltd. ("JST"), its wholly-owned subsidiary and owner of 90% of the distribution rights for the SheTai Jade mine, one of the largest jade mines in China by reserves, signed a sales agreement for the distribution of raw jade with QiYuSheng ShiBao Jade Company Ltd. ("QYSB").
The agreement commits QYSB to purchase a total of 4,500 tons of raw jade of various qualities from JST for US$14.4 million over the next year. QYSB is responsible for shipping of the raw jade material, as well as any associated costs. Similar to past agreements, JST will receive 30% of the contracted value of each shipment before delivery, with the balance paid upon final inspection and approval by QYSB. JST's performance is subject to risks of delay, stoppage or other production difficulties associated with a third-party supplier of raw jade that are outside its control.
Located in PuTian City, Fujian Province, QYSB is a large local jade supplier that was recently recognized as the "industry base of jade jewelry in China" in 2007. Currently, there are 1,000 jade and jewelry companies in PuTian, creating a strong community committed to the design, production and sale of jade. PuTian's annual jade production is valued at approximately US$2 billion and it is recognized as China's largest distributor and exporter of jade.
Through this agreement, QYSB will be purchasing SheTai Jade. SheTai Jade is sourced through JST's exclusive distribution right agreement with Wulateqianqi XiKai Mining Co., Ltd. ("XiKai"), enabling JST to sell 90% of the raw jade material produced from XiKai's SheTai Jade mine for the next 50 years. The SheTai Jade mine's reserves are unique, in that they include some of the oldest (formed approximately 1.8 billion - 2.4 billion years ago) jade ore found in China and are considered to be of the highest quality in terms of rigidity and relative size of its pieces. SheTai Jade is as hard as quartz, with a degree of hardness between 7.1 and 7.3 on the Mohs scale, which is much higher than that of most jade. In addition, SheTai Jade is abrasion resistant, smooth and highly reflective. The green is pure and the gems are translucent, with a glassy luster. Due to its characteristics, SheTai Jade has a broad spectrum of applications. It can be used in commercial construction, decorative jade artwork, as well as intricately carved jade jewelry.
Hua-Cai Song, CEO of Jade Art Group, remarked, "Jade Art Group has developed quickly over the past several months. Our distribution right agreement with XiKai provides us with a stable and long-term supply of jade from one of the largest jade reserves in China. Jade Art Group's five sales agreements to-date represent expected future sales of US$37.5 million. By signing this sale agreement with QYSB, we have expanded our sales network to include PuTian city. We plan to develop this relationship in the future by supplying enough jade material to satisfy the region's large jade processing needs."
About Jade Art Group Inc.
Jade Art Group Inc., with the formation of Jiangxi SheTai Jade Industrial Co., Ltd., its wholly-owned subsidiary, is focusing its business-model on the distribution of raw jade sourced from the SheTai Jade mine in China. This mine has one of the largest jade reserves in China and is owned by XiKai, with which Jade Art Group signed an agreement to acquire exclusive distribution rights to sell 90% of the SheTai Jade produced from the mine for the next 50 years. Several national jade experts have noted the perceived superiority of SheTai Jade as compared to the other existing varieties of Chinese jade.
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Tamm Oil and Gas Corp. (OTCBB: TAMO) (February 28, 2008) is pleased to announce the Company has acquired 100% ownership of 21 contiguous sections of land totaling 13,440 acres in the Peace River Oil Sands Area of NW Alberta. The company acquired 100% working interest in mineral rights on these lands which are prospective for heavy oil in the Debolt, Elkton and other formations.
These Manning Area properties were acquired by Tamm Oil and Gas at a land sale in December 2007. Initial internal analysis indicates that these sections should hold prospective for significant amounts of heavy oil in the Debolt, Elkton and other zones.
"This is another major leap forward for Tamm. Our team has proven that it is very adept at locating and securing some of the most promising oil sands properties available. Over the last few months, we have managed to acquire direct and indirect ownership in 90 sections of leases and licenses. With oil prices hitting new record highs on a consistent basis, we have quickly positioned Tamm to potentially be a major player in the Canadian Oil Sands supply chain for years to come," says Wiktor Musial, President of Tamm Oil and Gas.
The addition if the Manning Area Sections further enhances Tamm Oil and Gas' position as a major up and coming player in Alberta's exploding oil sands boom. The company's consulting geologist believe that these properties have the potential to hold as much as 1.2 billion original barrels of oil in place between the various zones with the majority in two specific zones.
These estimates do not include any potential oil reserves with in the Bluesky formation, which the company intends to evaluate in the future.
"We plan on taking immediate steps to acquire all of the data necessary to begin exploring our new Manning Area properties. We are already working to acquire trade data seismic for the adjoining properties in an effort to analyze them for potential later acquisitions as well as to optimize our planned drilling/coring program. Our current plans call for a three to five well coring program with an additional 20 to 30 kilometer seismic program to supplement that coring data over the winter season of 2008-2009 to quantify the potential resource," adds Musial.
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GoldSpring, Inc. (OTCBB: GSPG ) (February 28th, 2008) announced that it has received positive, third-party assay data for the two exploratory holes drilled during January 2008 in the Hartford Complex in the Comstock Lode District of Nevada.
In holes 2008-01 and 2008-02 the assay data shows ore grades much higher than those previously encountered by the Company, and a solid progression from the assay data issued in January 2008 on the first four exploratory drills.
Jim Golden, GoldSpring's chief operating officer stated, "We are delighted with the results of the fifth and sixth exploratory holes, as they contain a higher grade of both gold and silver than what was previously discovered in the first four holes of this program. We are particularly excited that the grades of silver per ton are growing very significantly."
Golden continued, "The holes drilled in January 2008 demonstrate healthy silver and gold mineralization continuing 200 feet north of the initial four holes we drilled in December 2007, and 200 feet toward the south. It is important to emphasize that the grades GoldSpring is encountering in the current drilling program are much higher quality than the grades previously mined, and are progressively improving."
Rob Faber, GoldSpring president and chief executive officer said, "The data from American Assay provide a strong indication of additional mineralization in the Hartford Complex. Based on the strong results, a second reverse circulation drill is now on site to accelerate the drilling program. The second drill will be used to further delineate the ore body as it trends toward the north, while the first drill will continue to expand and delineate the size of the ore body in the south. We are further encouraged that the size of the ore body appears to be expanding. The phase one drilling program is bringing the Company an important step closer to our scheduled resumption of mining the Hartford Complex in the summer of 2008."
Overall, the GoldSpring team is pleased with the results of the first six holes in the phase one drilling program. The Company believes these results should continue and intends to release additional independent data from the phase one drill holes as they are assayed.
Exploratory Drilling Results Table The Company's current drilling plan is located on Northing 771600. The first two holes of 2008 are located 100 feet and 200 feet north of the mineralized zone established by the Company's four December 2007 exploratory drill holes. Assayed data received to date for the Company's phase one drilling program are highlighted in the table.
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Ener1, Inc. (OTCBB: ENEI) (March 3, 2008), the automotive lithium-ion battery subsidiary of alternative energy company Ener1, Inc., announced yesterday that it will appear on the exhibition platform of Think Global at the 78th International Motor Show in Geneva. EnerDel CEO Ulrik Grape will join the Norwegian electric auto manufacturer during the event's media preview days March 4-6 at booth 6410 to discuss EnerDel's lithium-ion battery system under development for the Think City electric vehicle.
The Motor Show will take place through March 16 at the Geneva Palexpo. It will include approximately 130 worldwide and European premiers from a broad range of industry sectors. Industry exhibitors include General Motors, Honda, Suzuki, and Toyota. About 1,000 brands from more than thirty countries will be presented by 260 exhibitors in the 77,550-sq.-mt. exhibition space. The conference is organized by Comite permanent du Salon international de l'automobile a Geneve. Additional information can be found at http://www.salon-auto.ch.
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