Altair Provides Corporate Overview
Altair Resources Inc. has provided a corporate overview and commentary on the company’s go-forward plans.
At this time, the company continues to focus on its Pan American property in Nevada. At this time, permitting is in progress under the turnkey management of Environmental Engineering Consultants (EEC). Plans for the dewatering of the mine are also being prepared and coordinated with the Nevada Department of Environmental Protection. A new processing plant is under design and a contract for the supply and erection of the concentrator as a turnkey supply is under negotiation. The facilities will be located on patented ground, which the company is currently negotiating for acquisition. If the company is successful in acquiring the patented ground for the facilities, this will greatly simplify the permitting process. The company has also visited an international equipment manufacturing company to start the process of identifying the proper equipment to process the zinc and lead-silver concentrate and manganese (EMD).
Negotiations are in progress for the financing of the entire project.
The company has maintained an active strategy for the review of resource property acquisition opportunities. Key management and advisers have recently returned from a site visit to Azerbaijan, where the company was successful in identifying a number of possible acquisitions and was successful in finalizing an understanding with a local mining company to collaborate in the review, identification and possible acquisition of mineral resource opportunities. Harold Shipes, chief executive officer, commented: “I look forward to continuing our due diligence on the properties we have visited and also working with our local in country contacts to finalize an agreement on a property acquisition. We will have additional news once our due diligence is complete.”
Azerbaijan, with a total population of 9,493,600 as of July, 2012, is located in southwestern Asia (bordering the Caspian Sea). The country mostly has a dry, semiarid steppe climate and covers a total area of 86,600 square kilometres. Further growth in the country’s economy will depend on a change in global oil prices and discovery of new gas and oil pipelines, and on the government’s ability to use the profits obtained from the country’s petroleum and gas sectors in an efficient and well-planned manner. Azerbaijan’s economic status will likely experience a positive change following an increase in production and export of copper, gas and petroleum, and a significant increase in foreign investments.