NEW YORK, Aug. 4, 2010 (GLOBE NEWSWIRE) -- Terra Energy & Resource Technologies, Inc. (OTCBB:TEGR), a natural resource exploration technology company, announces a substantial ruby and gold geological discovery in Cambodia by The Millennium International Group based on Terra's proprietary STeP® technology.
In the beginning of 2010, the Company, through its services subsidiary Terra Insight Services, Inc., performed a two-phase analysis to assess the ruby and gold mineralization potential of 100 square kilometer target exploration area in Cambodia for its client, Millennium. Millennium's recent field testing campaign confirmed Terra's analysis findings. The STeP research, carried out remotely using three satellite-based and analytical methods, revealed several areas prospective for rubies and gold in alluvial and hardrock form. Millennium acted on the recommendations provided by Terra and dispatched its local geology team into certain areas delineated by Terra as prospective, starting with the priority territory. Based on the results of bulk sampling and other geological work, Millennium's geologists reported to Terra findings of gold and ruby gemstones in all of the sampled areas and projecting commercial extraction of gems for at least five years.
"The work performed by Terra provided critical recommendations for drilling/mining locations relating to the extraction of gold and rubies from the territory. We are not aware of any technology capable of attaining these kinds of results solely from remote sensing, especially in alluvial gem exploration. We believe Millennium's confirmation is a significant validation of Terra's technologies, pointing to a bright future for the use of the STeP® technology in hardrock and alluvial deposit exploration," said Dmitry Vilbaum, CEO of Terra Energy & Resource Technologies.
"Exploration via the STeP® technology was a novelty for Millennium, and we elected to proceed because the evidence of the technologies' efficacy was convincing. We are delighted with the results, because Terra's services has eliminated the traditional exploratory risks and dramatically reduced our costs. The success from our initial testing efforts without any other prior geological work can only be attributed to Terra's precision in predicting mineralization," said Dr. Robert Q. Lam, Millennium's President.
"Terra's technologies were instrumental in exploring a pure jungle, difficult to access area, where classic remote sensing as well as traditional geological methods would likely be stymied by the dense vegetation and challenging terrain. All of this was done remotely using satellite data, and without the need to set foot on the ground in Cambodia, demonstrating the power of the STeP® technology. We identified several large mineral deposits in a fraction of the time and for a fraction of the cost, compared to conventional exploration methods," added Mr. Vilbaum.
"It is important to observe that this service project has the potential to yield revenue beyond the cash fees Terra has been paid for the services it rendered. In this STeP survey contract, Terra has also earned a 3% overriding royalty and a 10% co-investment right. We are encouraged by Millennium's prompt pursuit of exploration after our analysis. Expeditious commercialization of the deposit should result in a near term royalty cash flow for Terra. We expect to make a decision on whether to exercise our co-investment right in the near future," stated Dr. Alexandre Agaian, Terra's President.
About Terra Energy & Resource Technologies, Inc.
Terra Energy & Resource Technologies, Inc., through its subsidiary Terra Insight Services, Inc., provides mapping and analysis services for exploration, drilling, and mining companies related to natural resources found beneath the surface of the Earth. The Company uses a suite of innovative and efficient technologies, which facilitate the prediction and location of commercially viable deposits of hydrocarbons, gold, diamonds, and other natural resources, and assesses them for any given geographic area -- on or offshore. For more information, visit http://www.terrainsight.com.
Safe Harbor for Forward-looking Statements
This press release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the safe harbor created by those sections. Certain information contained in this press release is based on information provided by Millennium and its proposed activities. There are many factors that could cause the Company's expectations and beliefs about its operations, services, plans, projects, and contracts, and its plans or proposals to acquire interests in, or participate in, exploration activities or properties, to fail to materialize, including, but not limited to, availability of capital, satisfaction of contractual requirements, unfavorable geologic conditions, the amount of reserves projected or ultimately discovered, and general regional economic conditions.