Advanced Primary Minerals Corporation
TSX VENTURE : APD

Advanced Primary Minerals Corporation

April 01, 2010 09:08 ET

Advanced Primary Minerals Announces AGM and Updates Operating Plan

HALIFAX, NOVA SCOTIA--(Marketwire - April 1, 2010) - Advanced Primary Minerals Corporation (the "Corporation" or "APM") (TSX VENTURE:APD) announced today that it has set Tuesday, June 15, 2010 as the date for its annual meeting of shareholders to be held in Halifax, Nova Scotia. Meeting materials will be distributed to shareholders in the coming weeks.

APM also announced that Erdene Resource Development Corp. (TSX:ERD), which owns 64% of the Corporation's outstanding shares, has committed to advance an additional $350,000 to the Corporation in the form of a loan convertible to equity of the Corporation on the same terms as additional equity to be raised. These funds, along with the additional $400,000 of required financing, will be used to finance the Corporation's ongoing activities, including its capital and working capital requirements.

APM has a three year business plan with the aim of building a value added speciality primary kaolin operation which is projected to generate positive cash flow in 2011. APM's goal is to become North America's leading producer of specialty primary kaolin products. Initially, APM is targeting replacement of high value European primary clay imports, which is estimated by APM to be approximately 20,000 tons per annum. At the present time, the Corporation's Dearing Georgia plant is processing primary kaolin from it's Tudor mine and is in the process of permitting its remaining primary kaolin properties in McDuffie County, Georgia on land owned by the Corporation. APM expects to complete the permitting process by the end of 2010. The Corporation is projecting sales of primary kaolin products to be 9,000 tons in 2010, 22,000 tons in 2011 and 34,000 tons in 2012 and is anticipating positive cash flow in 2011, assuming APM secures the $400,000 of additional funding.

About APM

APM, through its wholly owned subsidiary, Advanced Primary Minerals USA Corp. (formerly Erdene Materials Corp.), operates a newly constructed kaolin processing plant in Dearing, Georgia and has been active in Georgia and South Carolina for over 10 years exploring for, evaluating, extensively testing and securing high quality primary kaolin resources. APM has also operated an industrial minerals laboratory in Eatonton, Georgia since 1998. The Corporation is targeting value added products that benefit from the unique attributes of its high quality, primary kaolin resource. Target markets include ceramics, paper, paint and coatings, catalysts and other specialty industrial applications. APM has 17,009,626 shares issued and outstanding and a fully diluted share position of 18,708,197.

For additional information visit APM's website at www.advminerals.com or contact the company via email at info@advminerals.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Advanced Primary Minerals Corporation
    Ken W. MacDonald
    President and CEO
    902-466-7255