CARSON CITY, Nev., Sept. 29, 2009 (GLOBE NEWSWIRE) -- The Board of Directors of Denarii Resources Inc. (OTCBB:DNRR) (Berlin:8D3) (Frankfurt:8D3) is pleased to announce that today it signed an agreement to acquire two coal concessions in Lota Bay, Chile. Under the terms of the agreement, the Company will acquire the two coal concessions, subject to a satisfactory title opinion, in exchange for the issuance of 10,000,000 common shares of the Company on or before October 31, 2009.
The two coal concessions are located in Lota Bay, Chile, about 300 miles south of Santiago, Chile. The coal within the boundaries of the concessions form a layer averaging 2.26 meters in thickness in 10 meters of water with 1.7 meters of overburden. In March 2006 a drilling program was carried out on 30% of the coal concession. The results of this program showed total reserves of 565,000 tonnes of recoverable bituminous thermal coal. All environmental studies have been completed on the concession, and all government and regulatory approvals are in place to proceed with production.
About the Lota Bay Coal Concessions
Lota, Chile, was a major coal-mining center in southern Chile, situated on the Golfo (gulf) de Arauco. Although the city of Lota was founded in 1662, sustained development of coal mining did not begin until 1852, when the industrialist Matias Cousino started a coal-mining enterprise. Completion of a railway from Concepcion, 32 km north, in 1888 stimulated growth. In the 1990's Lota's coal resources became exhausted and cheaper Colombian coal began to compete in the market causing the coal mines to close after 145 years of continuous operations.
Over the 145 year span of the Lota coal mine operation, many tonnes of coal were dumped or spilled into the harbor. Most of the spilled coal resulted from primitive shipping and conveying practices that were in use over the last 145 years.
The operational plan is to dredge up the coal and process it in an adjacent industrial site. Lota has grid power, water, sewage, road and rail access. The coal will be marketed to nearby coal burning thermal electric generating plants which currently have to import to meet the growing electrical demands as 84% of Chile's electrical production is from coal fired generation plants.
About Denarii Resources, Inc.
Denarii Resources, Inc. engages in the exploration and acquisition of mineral and resource properties in North and South America. It currently owns interest in the McNab Molybdenum property, which consists of 2 mineral claims containing 16 cell claim units totaling an area of 334.809 hectares in British Columbia. It has entered into an agreement to acquire two coal concessions in Chile. The Company is actively seeking additional properties to acquire. The company was founded in 2006 and is based in Carson City, Nevada. The Company maintains a website at www.dnrrinfo.com.
Forward-Looking Statements
You should not place undue reliance on forward-looking statements in this press release. This press release contains forward-looking statements that involve risks and uncertainties. Words such as "will," "anticipates," "believes," "plans," "goal," "expects," "future," "intends," and similar expressions are used to identify these forward-looking statements. Actual results could differ materially from those anticipated in these forward-looking statements for many reasons, including the risks we face as described in this press release. For further information about Denarii Resources, Inc. please refer to its web site at www.dnrrinfo.com .