Terra Nostra Progresses in Increasing Ownership of Copper and Stainless Steel Joint Ventures in China to 90%
October 17 2007 - 12:27PM
PR Newswire (US)
LOS ANGELES and ZIBO, China, Oct. 17 /PRNewswire-FirstCall/ --
Terra Nostra Resources Corporation (OTC:TNRO) (BULLETIN BOARD:
TNRO) is pleased to announce that it has undertaken additional
steps to increase its majority ownership in both Shandong Terra
Nostra Jinpeng Metallurgical Co. Ltd. and Shandong Quanxin
Stainless Steel Co. Ltd. from 51% to 90%. Terra Nostra is
increasing its ownership in the two joint ventures under the
framework of an Equity Transfer Agreement entered into with its
Joint Venture partners in April 2007. The Company is moving forward
with an independent valuation of the respective operations, which
will form the basis for final negotiations between the parties. The
transaction is expected to be completed not later than December 31,
2007. "Overall market conditions remain strong, with the joint
venture operations continuing to ramp up production levels to meet
customer demand, maximize manufacturing efficiencies, and deliver
top and bottom line growth for shareholders", said Mr. Sun Liu
James Po, Terra Nostra's CEO, "and we therefore believe this to be
an opportune moment to work towards completing this transaction."
About Terra Nostra Resources Corporation Terra Nostra is a leading
copper and stainless steel producer in China through its 51%
majority interests in two Joint Venture companies in China.
Shandong Terra Nostra Jinpeng Metallurgical Co. Ltd. has an
existing and under construction total production capacity of
170,000 MT of electrolytic copper and 20,000 MT of low-oxygen
copper, together with value-added copper rod and wire capabilities.
Shandong Quanxin Stainless Steel Co. Ltd. operates a modern
stainless steel production facility with a 230,000 MT capacity
casting mill, and a 150,000 MT rolling mill. The two joint venture
companies, with total assets in excess of US$180 million and over
1,000 employees, are located in the highly industrialized coastal
province of Shandong, midway between Beijing and Shanghai. More
information on Terra Nostra can be found at
http://www.tnr-corp.com/. Investor Contact: Mercantile Ascendency,
Tom Collins, 214 559 9885 Forward Looking Statements Except for the
historical information contained herein, the matters set forth in
this press release, including statements with respect to
expectations concerning (i) projects underway or under
consideration, including production capacity and completion
schedules; (ii) business and future potential of Terra Nostra
Resources Corporation ("TNRO"); (iii) estimates or implications of
future earnings, profits, EBITDA, and the sensitivity of earnings
to metals prices; (iv) estimates of future metals production, sales
and profitability; (v) estimates of future cash flows, and the
sensitivity of cash flows to the other metals and ore costs as well
as, but not limited to, fluctuations in fuel prices, scrap prices,
and the availability of both, and statements related to these
matters or which use words such as "may," "might," "should,"
"expect," "plan," "anticipate," "believe," "estimate," "predict,"
"potential" or "continue," and the negative of these terms and
other comparable terminology are all forward-looking statements
within the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. Further risks,
uncertainties and other factors, which affect the forward- looking
statements included herein, and could cause actual results to
differ materially from future results expressed, projected or
implied by such forward-looking statements include, but are not
limited to, completion of TNRO's capital contributions to the joint
venture companies, working capital financing, metals price
volatility, competition for projects, reserve acquisition costs,
currency fluctuations, international economic uncertainty,
sovereign risk, force majeure, changes in tax law or concession
law, project scheduling delays, labor disputes, increased
production costs and variances in ore grade, scrap grade or
recovery rates from those assumed in production plans, political
and operational risks in the countries in which TNR may operate and
governmental regulation and judicial outcomes, and other risks
detailed from time to time in TNRO's filings with the Securities
and Exchange Commission, including its Annual Report on Form 10-KSB
for the year ended May, 31, 2007. Copies of each filing may be
obtained from TNRO or the SEC. Furthermore, metals operation, by
their very nature, entail inherent cyclical, sectoral, and
commodity risk and could expose an investor to the entire loss of
all capital invested. TNRO does not undertake any obligation to
publicly release any revisions to any forward-looking statements to
reflect events or circumstances after the date of this release or
to reflect the occurrence of unanticipated events, except as may be
required under applicable securities laws. DATASOURCE: Terra Nostra
Resources Corporation CONTACT: Mercantile Ascendency, Tom Collins,
+1-214-559-9885 Web site: http://www.tnr-corp.com/
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