AuraSource Receives First Order for Processed Iron Ore | 2012-07-26
CHANDLER, AZ -- AuraSource, Inc., a developer of hydrocarbon clean fuel and mineral material beneficiation technology, today announced that it has received its first order for processed iron ore from Minmetals, Inc., a wholly owned division of China Minmetals Group ("Minmetals"). AuraSource received a letter of credit for $6.5 million for the first shipment of iron ore. AuraSource expects to make the first delivery in September.
AuraSource will fulfill this contract through the 16 million tons of both high grade and low grade iron ore it reserved in February 2012. These mineral reserves allow AuraSource to apply its proprietary processing technology and develop a sustainable revenue stream.
Mr. Miao Jing, vice president of Minmetals, stated, "We are eager to work with innovative companies such as AuraSource and establish a long term sourcing and supply partnership for mineral products."
Philip Liu, AuraSource's CEO, stated, "We look forward to a long and mutually beneficial relationship with Minmetals. We are pleased to commence our first revenue producing contract with such world class company."
About China Minmetals
China Minmetal Group is one of the largest mineral products trading company in the world, ranking #169 on the Global 500 largest companies.
For more information on China Minmetal, please visit www.minmetals.com.
AuraSource, Inc. is focused on the development and production of environmentally friendly and cost effective industrial energy sources and feedstock used for industrial applications. AuraSource's core technology includes ultrafine grinding and impurities removal processes. Initial industrial applications of AuraSource technology are ultra-fine coal water mixture for heavy oil substitution, and low grade iron ore fine and slimes beneficiation.
For more information about AuraSource, please visit www.aurasourceinc.com.
SAFE HARBOR STATEMENT
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