Bancorp International Group, Inc. Announces New Diamond Mining Contract in Venezuela
Posted on: Monday, 11 July 2005, 09:01 CDT
LONDON, July 11, 2005 (PRIMEZONE) -- Bancorp International Group, Inc. (Pink Sheets:BCIT) is a high growth, diversified mining company that is presently operating in multiple regions in Venezuela today announced that it has signed a contract with Torrez Diamantes S.A. of Venezuela to purchase two diamond dredgers that are currently operating on the Orinoco River in southern Venezuela.
"This is a significant step for our company as it concretely demonstrates our intent to diversify our business model and mining operations," said Thomas Magnus, the CEO of Bancorp International Group, Inc. "This is a big step for us as it enables us to move into the lucrative diamond mining business in Venezuela -- we are purchasing two operational diamond dredgers that have a total production capacity to produce in rough form approximately over 22,000 carats of diamonds per month in one of the world's best locations for diamond dredging."
About Bancorp International, Inc.
Bancorp International, Inc. (Pink Sheets:BCIT) is a multinational mining company that locates, mines, and processes precious metals and diamonds in diverse locations around the globe. The company is operational in Venezuela at present, but plans on starting additional mining operations in other locations in Africa, Europe, and Asia. BCIT's growth model is based on acquiring the mineral rights where there are potential extensive deposits of precious metals or diamonds that can be located using the latest sophisticated mining processes such as digital imaging via satellites and airplane to minimize prospecting costs. The company's focus is on delivering long term shareholder value by developing first class mining properties that have a potential significant yield to enable the company to sustain a strong competitive advantage through many business cycles.
This release contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the company's current views with respect to future events that involve risks and uncertainties including uncertainties related to successful negotiations with other parties, closing of transactions, capital availability, operational and other risks, uncertainties and factors described from time to time in the company's publicly available SEC reports. In light of these risks and uncertainties, the forward-looking events described in this release might not occur.
CONTACT: Investor relations: Blue-Sky Solutions (877)4-BLUE-IR bcit@blueskyir.com
Copyright © 2005 PrimeZone Media Network, Inc.
Source: PrimeZone Media Network
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