LONDON, Aug. 14, 2012 (GLOBE NEWSWIRE) -- Britannia Mining Plc, a UK based mining development company announced today that an LOI (Letter of Intent) has been formally executed with U.S. public mining company Micron Enviro Systems (Symbol: MSVS), with the expectation of completing a possible merger by year end. Britannia will bring immediate short term value through its Nthale Hill iron ore project, where, commercial mining activity has been conducted since the 1960's
The company conducted recent geological explorations over a sample area that uncovered an estimated 4.6 million tons surface ore. It is the company's intention to ramp up and develop low cost mining activities, that will increase the near term potential of the Company to supply a local and global market with 600,000 mt per annum. Once developed, the associated revenue of the mine is expected to provide inbound cash flows of $60 million per annum. Of the 4.6 million mt estimated, the associated market value is $700 million for Area 1; field exploration is continuing.
Britannia's value to the proposed merger illustrated by the LOI is immeasurable; expected to immediately enhance Micron operations along with the overall value of the U.S. Company and its shareholder confidence.
About Micron Enviro Systems, Inc.
Micron, a public company, trading under the symbol (MSVS.Pk) is an emerging mining company that plans on pursuing opportunities that will enhance shareholder value. Please visit Micron's website for more information of the locations of Micron's prospects at www.micronenviro.com.
If you have any questions, please call Micron at 516-474-0310. If you would like to be added to Micron's update email list, please send an email to info@micronenviro.com requesting to be added.
About Britannia Mining
Britannia Mining is an explorer and developer of mining projects. The company actively trades mined mineral products to its existing customer base. The company is developing a high grade iron ore project in Malawi and holds an Exclusive Prospecting Licence (EPL) for iron ore over 650 sq km at Nthale, Blantyre. From magnetic imaging studies that have been completed over a test area of 20 sq km, the company has located a number of ore bodies that indicate this 20 sq km area could yield upwards of 40 million tonnes iron ore. The company intends to mobilise a drilling program, where upon completion the data will provide a resource definition of the 20 sq km test area.
Britannia Mining is in talks with a number of potential partners to implement a near term mining plan at Nthale Hill.
Contact information
Nicola Newmarch +44 (0) 20 3 170 8565
Britannia Mining Plc
www.britanniamining.co.uk www.britanniaminingmalawi.com
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