Trulan Arranges $1,000,000 Debt Financing For Development Work On The IGP Iron-Gold-Platinum Project In Chile.
HENDERSON, Nev., March 21, 2013 /PRNewswire/ -- Trulan Resources Inc. (OTCPK: TRLR) (the "Company" or "Trulan") reports that it has negotiated a loan agreement with a private investment group for the provision of US$1,000,000. The funds will be provided in stages in order to further various work initiatives on the Company's IGP Project in central Chile.
The term of the loan is two years from the date the full amount is provided to the Company and bears an annual interest rate of 6%. Trulan has already received funds under the agreement, with further tranches to be forwarded as per scheduled intervals.
In addition, the loan may be converted into common shares of the Company at the discretion of the private investment group that is providing the funds at any time during the term of the loan. Conversion may be in whole or in part of the loan value and the price per each share converted is US$0.25 in the first year and US$0.50 in the second year.
The funds will be used to initiate the contemplated exploration plan and move toward a comprehensive mining plan and full feasibility study of the IGP Project.
About Trulan's IGP-Iron-Gold-Platinum Project
Trulan recently entered into an agreement to acquire a 100% interest in the IGP Iron-Gold-Platinum Project ("IGP" or the "Project") in the IV Region – Region de Coquimbo – of Chile. The relatively small region has a long history of mining and several operations are currently in production, including the Los Pelambres Deposit, which is the world's fifth largest copper mine.
The IGP Project totals 885 Hectares (2,186 Acres) of wide spread mineralization and ore bodies that contain high grades of Iron, Gold, Platinum and high value industrial minerals. There are eight known deposits in close proximity which have been tested to the point where an Indicated Ore resource has been delineated. The IGP comprises of four ore bodies with an Indicated Reserve in excess of 247 Million Metric Tons. Each of the four deposits have not been fully tested to determine ultimate size and they all remain open on all sides and at depth. Further exploration beyond the zones outlined to date is needed to realize the full extent of the mineralization and total size of the Ore bodies.
Trulan Resource's Mission is the exploration and development of mining properties whose economic potential is considered to be extensive, while requiring minimal infrastructure and operational costs, that can be advanced in an environmentally responsible manner.
This news release was prepared on behalf of the Board of Directors, which accepts full responsibility for its contents. For more information please contact Corporate Relations at 702-430-4690 or email@example.com
President & CEO
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SOURCE Trulan Resources Inc.