Dar es Salaam, Tanzania (PRWEB) November 22, 2010
Kastan Mining Limited (“Kastan”) announced today that the Company has established a subsidiary, Kastan Industries Limited (“Kastan Industries”) to manage processing, smelting and refining activities for Kastan. Kastan Industries was granted an Export Processing Zone (“EPZ”) license in September 2010, and the Company has relocated its offices to the BWM-Special Economic Zone (“BWM-SEZ”) where plans are underway to construct lapidary and concentrate processing operations.
Kastan Chairman, Yun Ho Cho, noted: "The Company recently tested pilot plant operations at our copper mine in Kilosa, and we are establishing pilot plant production at our gold mine venture in Singida. As pilot plant production comes online, Kastan Industries will enable us to effectively process, refine and market base and precious metals in the world market from our corporate headquarters in Tanzania.”
Kastan's CEO, John Tate, continued: "The entire Kastan team is excited about the move to the BWM-SEZ. The BWM-SEZ campus is a modern, world class facility. The EPZ Authority executives and staff worked with us professionally and expertly to structure an agreement with Kastan Industries furthering both of our respective long term objectives. We plan soon to break ground on our processing facilities at the BWM-SEZ campus and expect operations to begin in the near future. Our relocation to the BWM-SEZ campus and grant of the EPZ license strengthens our business model so that we can continue to grow and add employment opportunities in Tanzania ”
George Gaines, Kastan's Executive Vice President-Corporate Strategy, further noted: “Kastan will benefit from the significant support structure at the BWM-SEZ campus including separate power, natural gas, fire protection and water facilities as reliable utility service is critical to our processing operations. Expedited customs clearance also will help us streamline our import-export logistics.”
About Kastan Mining
Headquartered in Dar es Salaam, Tanzania, Kastan Mining is a mining and exploration company focused on mining opportunities in Tanzania. Kastan has several initiatives underway at various stages of development ranging from pilot plant production to early exploration.
This press release contains statements which constitute forward-looking statements within the meaning of the US securities laws. Such statements include, but are not limited to, statements with regard to capacity, future production and grades, projections for sales growth, estimated revenues and reserves, targets for cost savings, the construction cost of new projects, projected capital expenditures, the timing of new projects, future cash flow and debt levels, the outlook for minerals and metals prices, the outlook for economic recovery and trends in the trading environment and may be (but are not necessarily) identified by the use of phrases such as “will”, “expect”, “anticipate”, “believe” and “envisage”. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and may be outside Kastan’s control. Actual results and developments may differ materially from those expressed or implied in such statements because of a number of factors, including levels of demand and market prices, the ability to produce and transport products profitably, the impact of foreign currency exchange rates on market prices and operating costs, operational problems, political uncertainty and economic conditions in relevant areas of the world, the actions of competitors, activities by governmental authorities such as changes in taxation or regulation and other factors over which Kastan has limited control.
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