• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

HE-5 Resources, Corp. Announces Negotiations for Letters of Credit From China-Based Lending Firms

Posted on: Wednesday, 27 February 2008, 12:00 CST

HE-5 Resources, Corp. (PINKSHEETS: HRRN) today announced that it is in negotiations with three (3) major China-based lending firms for letters of credit to finance the first phase of the multi-billion dollar iron ore mining Project in Cote d'Ivoire. The funds will be advanced to HE-5 based on the Company's recently signed Preliminary Agreement with the Republic of Cote d'Ivoire.

According to the January 31 Press Release, HE-5 has achieved a Preliminary Agreement for an iron ore mining concession with the Republic of Cote d'Ivoire, which constitutes several massive iron ore Properties situated in the Republic's mountain regions.

One of the Properties is situated at Mount Klahoyo which is within the western region of Man in Cote d'Ivoire. According to a recently published report by the National Bureau of Technical Studies and Development (BNETD), the iron ore resources at Mount Klahoyo amount to an estimated 700 million tonnes at a grade of 33% iron. As per the Preliminary Agreement, HE-5 will generate substantial revenues from the export of iron ore extracted from the Properties, including Mount Klahoyo, for a period of at least 15 years.

HE-5 also announced that Chief Executive Officer Denyse Raynault has expressed an intention to resign from her position. Ms. Raynault stated that she intends to step down from the CEO position so that someone with greater expertise in the international mining industry assumes the leadership role of the Company. She believes that a new more experienced CEO who has a wider network of contacts in the worldwide mining community would significantly benefit HE-5 and facilitate its mission to become an important player in the global mining industry.

About HE-5 Resources, Corp.

HE-5 Resources, Corp. (HE-5) is a growth-oriented and emerging natural resources company. HE-5's mission is to maximize shareholder value by investing in pre-production mining projects, which are undervalued and have proven reserves that will increase the revenue and profit of the Company. HE-5's goal is to establish a vast mineral reserve and resource base with a focus on the following 5 metals: gold, silver, iron, zinc and platinum.

Forward-Looking Statements

Please be advised that statements made herein, other than historical data, constitute forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those stated or implied by such forward-looking statements. The potential risks and uncertainties include, among others, potential volatility in the company's stock price, increased competition, customer acceptance of new products and services offered by the company, and uncertainty of future revenue and profitability and fluctuations in its quarterly operating results. Please also be advised that the company's stock is not currently registered with the Securities and Exchange Commission.

 For more information, please visit: http://www.he-5resourcescorp.com or Call Investor Relations (514) 883-6388  

SOURCE: HE-5 Resources, Corp.

Source: MARKET WIRE

More News in this Category