Advanced Primary Minerals Announces AGM and Updates Operating Plan
April 01 2010 - 9:09AM
Marketwired
Advanced Primary Minerals Corporation (the "Corporation" or "APM")
(TSX VENTURE: APD) announced today that it has set Tuesday, June
15, 2010 as the date for its annual meeting of shareholders to be
held in Halifax, Nova Scotia. Meeting materials will be distributed
to shareholders in the coming weeks.
APM also announced that Erdene Resource Development Corp. (TSX:
ERD), which owns 64% of the Corporation's outstanding shares, has
committed to advance an additional $350,000 to the Corporation in
the form of a loan convertible to equity of the Corporation on the
same terms as additional equity to be raised. These funds, along
with the additional $400,000 of required financing, will be used to
finance the Corporation's ongoing activities, including its capital
and working capital requirements.
APM has a three year business plan with the aim of building a
value added speciality primary kaolin operation which is projected
to generate positive cash flow in 2011. APM's goal is to become
North America's leading producer of specialty primary kaolin
products. Initially, APM is targeting replacement of high value
European primary clay imports, which is estimated by APM to be
approximately 20,000 tons per annum. At the present time, the
Corporation's Dearing Georgia plant is processing primary kaolin
from it's Tudor mine and is in the process of permitting its
remaining primary kaolin properties in McDuffie County, Georgia on
land owned by the Corporation. APM expects to complete the
permitting process by the end of 2010. The Corporation is
projecting sales of primary kaolin products to be 9,000 tons in
2010, 22,000 tons in 2011 and 34,000 tons in 2012 and is
anticipating positive cash flow in 2011, assuming APM secures the
$400,000 of additional funding.
About APM
APM, through its wholly owned subsidiary, Advanced Primary
Minerals USA Corp. (formerly Erdene Materials Corp.), operates a
newly constructed kaolin processing plant in Dearing, Georgia and
has been active in Georgia and South Carolina for over 10 years
exploring for, evaluating, extensively testing and securing high
quality primary kaolin resources. APM has also operated an
industrial minerals laboratory in Eatonton, Georgia since 1998. The
Corporation is targeting value added products that benefit from the
unique attributes of its high quality, primary kaolin resource.
Target markets include ceramics, paper, paint and coatings,
catalysts and other specialty industrial applications. APM has
17,009,626 shares issued and outstanding and a fully diluted share
position of 18,708,197.
For additional information visit APM's website at
www.advminerals.com or contact the company via email at
info@advminerals.com
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Advanced Primary Minerals Corporation Ken W. MacDonald
President and CEO 902-466-7255
Advanced Primary Minerals Corporation (TSXV:APD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Advanced Primary Minerals Corporation (TSXV:APD)
Historical Stock Chart
From Jul 2023 to Jul 2024