Cavico Subsidiary Expands Exploitation and Construction at Thung San Mine
Cavico Corporation (OTC BB: CVIC) (“Cavico” or “the Company”), a leading infrastructure development company in Vietnam, today announced that Cavico Mineral Exploitation is expanding construction and exploring for additional deposits at the Thung San mine. Cavico Mineral Exploitation is an entity formed by the two wholly owned Cavico subsidiaries, Cavico Tunnel and Cavico Hydropower.
The Thung San mine, situated on 20 hectares of land in Quy Hop district, Nghe An province, has 20 million tons of limestone reserves that are expected to last for 25 years according to the current exploiting schedule. Currently Cavico is constructing access roads and storage sites around the mine. At the present Cavico Mineral Exploitation is selling an average of approximately 12,000 tons of limestone per month.
Generally limestone is manufactured into a fine powder of calcium carbonate which is used in manufacturing of plastics, rubber, paint, cement, mortar, paper and agricultural feeds and fertilizers. Limestone is a rare natural resource in Vietnam. In 2005 and 2006, Nghe An province has exported 125,668 tons, or $17.5 million worth, of limestone. The limestone can be exported to Japan, the European Union, China, and India.
Commenting on the status of the road construction, Mr. Hai Thanh Tran, Vice President of Cavico stated, “We plan to complete construction of the access roads soon so that the equipment can be easily transported to the site increasing production and productivity.” Mr. Tran added, “Cavico Mineral Exploitation remains committed to providing high-quality products to fulfill domestic sales and anticipates expanding sales to Japan, Taiwan, Korea, and Middle East region.”
About Cavico Corp. (OTCBB: CVIC)
Cavico Corp. is focused on large infrastructure projects which include the construction of hydropower facilities, dams, bridges, tunnels, roads, mines and urban buildings. Cavico is also making investments in hydropower facilities, cement production plants and urban developments in Vietnam. Headquartered in Hanoi, with 3000 employees at projects worldwide, the Company has offices throughout Vietnam and a satellite office in Australia.
Founded in 2000, Cavico is a major infrastructure construction, infrastructure investment and natural resources conglomerate headquartered in Hanoi, Vietnam. Cavico is highly respected for its core competency in the construction of mission-critical infrastructure including hydroelectric plants, highways, bridges, tunnels, ports and urban community developments. One of the Company’s primary competitive advantages is its ability to nurture a project “from concept through completion” with a vertical portfolio of interrelated investment, permitting, design, construction management and facility maintenance services. Cavico’s project partners include top multi-national corporations and government organizations. The Company employs more than 3,000 people.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company’s ability to obtain the necessary financing to continue and expand operations, to market its products in new markets and to offer products at competitive pricing, to attract and retain management, and to integrate and maintain technical information and management information systems; the effects of currency policies and fluctuations, general economic conditions and other factors detailed from time to time in the Company’s filings with the United States Securities and Exchange Commission and other regulatory authorities. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.