AIM Exploration Acquires a Total of 648 Hectares of a Producing Feldspar Mine in the Philippines and a 1,000-Hectare High Grade Anthracite Coal Project in Peru in Pre-Production Stage
BEVERLY HILLS, Calif., Oct. 17, 2014 /PRNewswire/ -- AIM Exploration Inc., (OTC: AEXE) a U.S. mining corporation focused on producing mines. The Company is pleased to announce two key mining property acquisitions in the Philippines and Peru. Both properties have outstanding cash flow potential through production.
Feldspar Project in the Philippines
Under Filipino law, AEXE owns the maximum 40% interest of the mineral rights to 648 Hectares of feldspar mining properties and processing facility in Pasuquin, Ilocos Norte, in the Northern Philippines, logistically close to Taiwan and China. This property appears to be highly rich with the strong presence of Feldspar, Silica sand and Limestone.
The property is in active feldspar production and the Company has recently completed a successful test-purchase order for 300 MT. The Company subsequently received a second test-order for 1,000 MT from the same client and is in the process of completing that order. As a result of these successful test orders the client is very pleased with the feldspar quality and the Company is negotiating a purchase order for the 2015 production year with this client.
The Company intends to expand the production facility to include equipment capable of refining the feldspar to be used in clear glass manufacturing. Clear glass manufacturers have displayed a great deal of interest in acquiring our product. In addition, another major manufacturer and exporter based in Taiwan has approved our feldspar samples and indicated that the quality is the same or even better than the supply they import from China and have requested a larger sample for test production.
Anthracite Coal Project in Peru
This acquisition consists of two mining concession rights consisting of 400 hectares in Lajon Huayobamba Area, in the Huaranchal District of Otuzco Province, Peru. In addition, AEXE has entered into an agreement with Percana to acquire an additional 600 hectares adjacent to the 400 hectare parcel following some additional due diligence including an arbitration process currently underway by the Lima Chamber of Commerce to confirm that the previous owners are not owed any outstanding royalties. Under the agreement AEXE currently has full operational mining and exploration rights on all three properties.
This announcement follows an assessment of the mining concessions completed by a USA based mining consulting firm (Gustavson Associates, Colorado, USA) (http://www.gustavson.com) commissioned by AEXE to review (including a site visit) a detailed technical report prepared for Percana in 2012 (a report that is non compliant as a "NI 43101").
Gustavson has reviewed the current data of the 2012 report plus made a site visit in December of 2013 and in general agrees with the existence of the coal and the potential for mining. The report includes recommendations for a drilling program for the next phase of exploration. The total combined assets covers 1,000 (one thousand) hectares over an area that is approximately 4,000 meters east west by 3,000 meters north south.
This technical report reviewed by Gustavson, commissioned by Percana was prepared by highly regarded Peruvian Mining Engineers and Geologists indicate the strong presence of high-grade Anthracite Coal reserves with potential inferred coal reserves of 104,000,000.0 MT. Gustavson has thus far reported back that they want to further investigate the validity of the inferred coal amounts.
About AIM Exploration Inc.
Aim Exploration Inc. (AEXE) is a California based production mining company with operational offices in Manila City, Philippines. AEXE operates as a junior mining company focusing on global mining and exploration.
Forward-Looking Statements
Certain information set forth in this press release contains "forward-looking statements" and "forward-looking information" under applicable securities laws. Except for statements of historical fact, certain information contained herein constitutes forward-looking statements, which include management's assessment of future plans and operations and are based on current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. Some of the forward-looking statements may be identified by words such as "estimates", "expects" "anticipates", "believes", "projects", "plans", "targets" and similar expressions. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause AEXE's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements.
AIM Exploration Inc.
J.R. (Bob) Todhunter, Director, President & CEO
Toll Free: 1.844.246.7378
SOURCE AIM Exploration Inc.
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