Bancorp International Group Inc (BCIT) announces that they have acquired the option to acquire two m
Added: (Wed Jan 14 2015)
Pressbox (Press Release) -
Bancorp International Group Inc (BCIT) announces that they have acquired
the option to acquire two magnetite sites at Manetai and at Aropa PNG, on the basis of a joint venture with the landowners. This venture has the approval of the MMG who will obtain as and when needed any other consents and
licenses to enable mining to commence.
This is a development project, as the existence of the deposits have already been established, the precise size of the reserves are subject to survey, but are believed to be valued conservatively at minimum of $30 million.
This supplements BCIT's interest in a commodity trading business which commenced operation in 2014.
The first quarters trading figures will be published at the end of February 2015