LOS ANGELES, July 1, 2014 (GLOBE NEWSWIRE) -- Transnational Group, Inc. (Pink Sheets:TAMG), today provided an update regarding its recently announced joint venture created to produce titanium and iron ore on former Montana gold mines.
"Transnational Group would like to update its shareholders and the investment community regarding the acquisition of various resource rich properties pursuant to our joint venture with Lanix Exploration," stated Dr. Philip Dutoit, CEO of Transnational Group.
"We are still working diligently with Lanix Exploration to acquire the mineral and mining rights to develop target claims from owners located in Anaconda, Butte and Havre, Montana. However, due to unforeseen circumstances that have arisen between the property owners and Lanix, there will be a delay of the 90 day estimate provided regarding the production of raw materials on these properties as stated in our May 20th news release.
"It is important that our shareholders realize the delays we are experiencing have been caused by unforeseen circumstances regarding the property owners and not Transnational Group. We remain ready to close on these properties and begin production as soon as possible.
"Transnational Group is continuously working to acquire additional resource-rich properties that will increase shareholder value and expects to announce positive developments along this front in the near future," continued Dr. Dutoit.
About Transnational Group, Inc.
Transnational Group, Inc. is a development stage holding company whose primary business is focused on the exploitation of natural resources and acquiring and developing transportation systems through partnerships and joint ventures, as well as the development of formidable partnerships with sponsoring governments and integrating management's best practices and expertise into their infrastructure.
Cautionary Note to U.S. Investors: The United States Securities and Exchange Commission limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically and legally extract or produce. We use certain terms on this press release, such as "reserves," "resources," "geologic resources," "proven," "probable," "measured," "indicated," or "inferred," which may not be consistent with the reserve definitions established by the SEC. U.S. investors are urged to consider closely the disclosures in our reports filed with the OTC Markets Group, Inc. You can review and obtain copies of these filings from the OTC Markets website at: http://www.otcmarkets.com.
This press release includes forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, and also includes selected operating results presented without the context of accompanying financial results We caution that all forward-looking information is inherently uncertain and actual results may differ materially from the assumptions, estimates or expectations reflected or contained in the forward-looking information, and that actual future performance will be affected by a number of factors, including economic conditions, technological change, regulatory change and competitive factors, many of which are beyond our control.
CONTACT: Nick Torrens
Source: Transnational Group, Inc.