VANCOUVER, British Columbia, Nov. 21, 2019 (GLOBE NEWSWIRE) -- A.I.S. Resources Limited (TSX-V – AIS, OTCQB: AISSF) (the “Company” or “AIS”) announced today that the Company has arranged supply of 30,000 tonnes a month of Manganese ore grading 48-52% Mn and has commenced sale negotiations with Erdos Group, one of the world’s largest buyers of Manganese. AIS has issued a term sheet for a trial shipment of 10,000 tonnes of Manganese to Erdos.
Highlights of the A.I.S. Resources Transaction
Erdos Group (Inner Mongolia Eerduosi Resources Co Ltd) is active in metals, energy and textiles. It has a current market value of US$9.5 Billion and operations in Inner Mongolia where most large silicon-manganese producers are located due to the very low cost of power.
AIS will be buying on an FOB basis and selling CFR to Tianjin China. Shipping will be out of the Dar es Salaam Port in Tanzania.
Our suppliers’ grade is very high assaying at 52% Mn.
The trial shipment will gross approximately US$2,000,000 subject to the final CIQ China assay of the Manganese being approximately 50% Mn.
AIS will oversee quality control and assay, shipping and other logistics related key processes.
Other suppliers have approached AIS about replicating this trading strategy and discussions on supply based on grade have begun.
The payment from Erdos will be by letter of credit of which 95% can be processed 10 days after the ship leaves Dar es Salaam.
Detailed discussions are being held with trade and project financiers to accommodate the payment of shipping and manganese ore.
“The Company is pleased to have found suppliers with such high purity of manganese in the 30,000 tonnes per month range. This will make a considerable difference to the Company’s cashflows when the transaction is completed which we expect will occur in January,” A.I.S. Resources President and CEO, Phillip Thomas, stated.
About AIS Resources
A.I.S. Resources Ltd. is a TSX-V listed investment issuer that is managed by experienced, highly qualified professionals who have a long track record of success in lithium and manganese trading, exploration, production and capital markets. Through their extensive business and mining networks, they identify and develop projects worldwide that have strong potential for growth with the objective of providing significant returns for shareholders. The Company's current activities are focused on the mining and trading of manganese ores in Peru, and exploration and development of lithium brine projects in northern Argentina.
On Behalf of the Board of Directors, A.I.S. Resources Limited
President and CEO
Phillip Thomas - President and CEO
T: 604 687-6820
ADVISORY: This press release contains forward-looking statements. More particularly, this press release contains statements concerning the anticipated use of the proceeds of the Private Placement. Although the Corporation believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because the Corporation can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. The intended use of the proceeds of the Private Placement by the Corporation might change if the board of directors of the Corporation determines that it would be in the best interests of the Corporation to deploy the proceeds for some other purpose. The forward-looking statements contained in this press release are made as of the date hereof and the Corporation undertakes no obligations to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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