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WorldVest,
Inc., dba. Iron Mining Group (IMG) Friday announced that it has completed the
acquisition of Chile Inversiones de Minerales Ltd. (CIM), a Chilean mineral
investment and mining company. CIM will serve as an operating subsidiary to IMG,
allowing IMG the ability to consolidate various iron ore mining opportunities
along with complementary port and logistics infrastructure in Chile.
As
a result of the CIM acquisition, IMG has instantly acquired a portfolio of iron
ore reserves within Chile's second and fourth regions, as well as critical
contracts to utilize midsized regional ports adjacent to its reserves. The
acquisition of these reserves allows for the immediate production and export of
iron ore against the company's existing contracts, resulting in a near-instant
revenue ramp for IMG on a consolidated basis. In total, based on preliminary
geological surveys, the acquired reserves are estimated to contain in excess of
100,000,000 metric tons of recoverable iron ore within the surface "iron-sands"
alone. Further estimates indicate a strong potential for exponentially more
reserves in the unexplored mountain and bedrock formations of CIM's Atacama
Desert Project.
In
addition to its existing reserves, CIM has additional iron ore properties either
under contract, letter of intent or in advanced contract negotiations, which,
once completed, will substantially boost the overall reserves. Furthermore, CIM
is currently engaged in discussions regarding potential investments into certain
port development opportunities throughout Chile with the goal of building port
infrastructure, thereby increasing its export capacity to meet its growing
contract demands. IMG believes that by acquiring new mining properties, coupled
with the existing CIM reserves and the development of increased port capacity,
the Company can ultimately grow its annual iron ore production and export
capacity in excess 25,000,000 metric tons. Such production has the potential to
push annual revenues toward $3.5 billion based on today's CIF iron ore
prices. WorldVest,
Inc. dba IMG, is a global iron ore mining and production company with its
initial focus in Latin America.
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