TSX: SRZ (Cmn Shs)
SRZ.NT; NT.A (Notes)
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Suite 401, One University Avenue
Toronto, Ontario
M5J 2P1
(416) 861-0430
www.sra-corporation.com
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PRESS RELEASE
SRA enters into
agreement to sell balance of Ge/Ga Leachate
TORONTO, ONTARIO June 5,
2008. Strategic Resource Acquisition Corporation ("SRA") is pleased
to announce that it has entered into a tri-party memorandum of understanding
with Amlon Resources Group LLC (“Amlon”) and a Chinese end user group
for the sale of germanium and gallium (Ge/Ga) in leachate resulting from the
processing of its zinc concentrate.
The
two year agreement provides for the sale of 5,000 tpy of Ge/Ga rich leachate in
the first year and an increasing amount in the second year, with an advance
payment facility commencing this fall. With this transaction, SRA has
effectively provided for the sale of the majority of its Ge/Ga rich leachate into
2010. The agreement is subject to the approval of a trial shipment of leachate
and is expected to be finalized by September, 2008. Amlon is a diversified metals
and industrial by-products management group headquartered in New York with an
extensive international network of supply chain management including
metals reclamation program development.
Victor Wyprysky,
President and CEO of SRA commented, “This agreement further realizes the
economic value of both our germanium and gallium, a marked improvement over the
history of the Mid-Tennessee Mining Complex as no credits were ever received
for gallium.”
About SRA
SRA Corporation is focused on the
development of the Mid-Tennessee zinc mining complex (MTM) in the State of Tennessee. The MTM is
located approximately 50 miles east of Nashville
with excellent infrastructure including roads, water, power, major airport and
access to a well-trained workforce. MTM will produce one of the highest quality
zinc concentrates in the world and plans are underway to maximize contributions
from the valuable germanium and gallium contained in the leachate. Once in full production, the
Gordonsville Complex at MTM is expected to be the largest zinc producer and
domestic source of germanium and gallium in the continental USA.
The
Company also plans to explore and develop additional properties and redeploy
cash flow to pursue a strategy of accretive acquisitions.
Cautionary Statement on Forward-Looking Information
This news release contains "forward-looking information" which may
include, but is not limited to, statements with respect to the future financial
or operating performance of the Company and its projects, the future price of
zinc or other metal prices, the estimation of mineral resources and realization
of mineral resource estimates, the timing and amount of estimated future
production, costs of production, capital, operating and exploration
expenditures, costs and timing of the development of new deposits and future
exploration, requirements for additional capital, government regulation of
mining operations, environmental risks, reclamation expenses, title disputes or
claims, limitations of insurance coverage and the timing and possible outcome
of regulatory matters. These statements reflect management's current beliefs and are based on information
currently available. Forward-looking statements involve significant risks,
uncertainties and assumptions and other factors that may cause the actual
results, performance or achievements of the Company to be materially different
from any future results, performance or achievements expressed or implied by
the forward-looking statements. A number of factors could cause actual results
to differ materially from the results discussed in the forward-looking
statements, including those listed in the ''Risk Factors'' section of the Company's
prospectus on file with Canadian provincial securities regulatory authorities.
For
further information, please email info@sra-corporation.com or
contact:
Victor P. Wyprysky Ian M. MacNeily
President and Chief Executive Officer Executive
VP and Chief Financial Officer
Tel: (416) 861-0430 ext. 1833 Tel:
(416) 861-0430 ext. 1422
Email: victor.wyprysky@sra-corporation.com Email: ian.macneily@sra-corporation.com
Donna Yoshimatsu
VP Investor Relations &
Communications
Tel: (416) 861-0430 ext. 1003
Email:
donna.yoshimatsu@sra-corporation.com