Amazon Mining Holding Plc
TSX VENTURE : AMZ

Amazon Mining Holding Plc

November 24, 2009 13:13 ET

Agrifirma Agrees to Fund Trials of Amazon Mining's ThermoPotash Fertilizer

TORONTO, ONTARIO--(Marketwire - Nov. 24, 2009) - Amazon Mining Holding Plc (TSX VENTURE:AMZ)("Amazon" or the "Company"), is pleased to announce that the Company has entered into an agreement with Agrifirma Brazil, a United Kingdom based farmland operator and developer, to fund agronomic tests using Amazon Mining's proposed ThermoPotash product, derived from the Cerrado Verde project, Cerrado Verde is a source of potash rich rock from which Amazon plans to produce a slow-release, non- chloride, multi-nutrient, fertilizer product.

Agrifirma plans to test ThermoPotash in real world conditions for use with soybeans, maize and corn. Agrifirma hopes to utilize the slow release characteristics of ThermoPotash to provide a baseload of potash nutrients during the conversion of scrubland and pastureland into fertile farmland for cultivating the crops mentioned above.

Agrifirma endeavours to develop its agricultural land ecologically, to minimize environmental impact. ThermoPotash is expected to be suitable for organic farming not containing environmental pollutants like conventional potash (potassium chloride), known to contaminate groundwater. An off shoot of potassium chloride fertilizer use in Brazil is the use of limestone by farmers to neutralize the acidity created by the chloride left in the soil. This practice releases a large amount of carbon dioxide into the atmosphere and increases the salinity of farm soils. The nature of ThermoPotash should curtail the loss of fertilizer to groundwater and reduce limestone needs, minimizing greenhouse gas emissions. Agrifirma hopes to benefit from these characteristics.

About Agrifirma

Agrifirma is a modern farmland operating and development company, formed in 2008 to buy and convert unproductive scrubland and pastureland into high quality arable land. Currently the company controls 69,112 hectares of land in western Bahia. Brazil currently uses approximately 10% of its potential arable land, estimated at 550 million hectares predominantly in the Cerrado region where its project is located, away from the Amazon rainforest and one of the last major agricultural frontiers still to be developed.

Agrifirma, boasts an impressive management, board and advisory committee that include Donald Coxe, renowned investment strategists and author of "The New Reality on Wall Street"; Jim Rogers author of "Adventure Capitalist" and "Investment Biker"; Julio Bestani, CEO, former CFO of South American agro- industrial giant Adecoagro, funded by George Soros; Ian Watson, Chairman, former Chairman Galahad Gold; and, Roberto Rodrigues, director, former Brazilian minister of Agriculture (2003-2006).

About the Agreement

The memorandum of understanding between Amazon Mining and Agrifirma governs the testing of ThermoPotash product from a proposed pilot plant production. Under the terms of the agreement Amazon will provide ThermoPotash to Agrifirma for use in planting soybeans, maize and corn. Agrifirma will designate a test plot and fund all costs associated with the testing. Argrifirma's investments will include yield comparisons and chemical analysis of nutrient behaviour in the soil, with special attention to barren soils being converted for agricultural use. The companies will jointly define the period in which the fertilizer is employed, and the stages of study. Data from the studies will be jointly owned by Amazon and Agrifirma to be used for development of the product, product marketing and project financing. Agrifirma will have pre-emptive right to the acquisition of 15% of potential ThermoPotash production at market price for a period of 24 months, in the event of successful commissioning of a ThermoPotash production facility by Amazon Mining.

Other Matters

As per press release dated July 27, 2009, 630,000 options were granted to new members of the Board of Directors as well as consultants and staff. These options expire July 23, 2014.

About Amazon

Amazon Mining is a mineral exploration and development company founded by Brazilians in 2005. The company is focused on the development of Cerrado Verde project. Cerrado Verde is source of a potash rich rock from which Amazon plans to produce a slow-release, non-chloride, multi-nutrient, fertilizer product. Amazon Mining is a UK public company with shares listed on the TSX Venture Exchange since November 2007.

On behalf of the Board of Directors of Amazon Mining Holding Plc, Jed Richardson, Vice President of Corporate Development

 

Cautionary Language and Forward Looking Statements

THIS PRESS RELEASE CONTAINS CERTAIN "FORWARD LOOKING STATEMENTS", WHICH INCLUDE BUT IS NOT LIMITED TO, STATEMENTS WITH RESPECT TO THE FUTURE FINANCIAL OR OPERATING PERFORMANCE OF THE COMPANY, ITS SUBSIDIARIES AND ITS PROJECTS, STATEMENTS REGARDING USE OF PROCEEDS, EXPLORATION PROSPECTS, IDENTIFICATION OF MINERAL RESERVES, COSTS OF AND CAPITAL FOR EXPLORATION PROJECTS, EXPLORATION EXPENDITURES, TIMING OF FUTURE EXPLORATION AND PERMITTING, REQUIREMENTS FOR ADDITIONAL CAPITAL, GOVERNMENT REGULATIONS OF MINING OPERATIONS, ENVIRONMENTAL RISKS, RECLAMATION EXPENSES, TITLE DISPUTES OR CLAIMS, AND LIMITATIONS OF INSURANCE COVERAGE. FORWARD LOOKING STATEMENTS CAN GENERALLY BE IDENTIFIED BY THE USE OF WORDS SUCH AS "PLANS", "EXPECTS", OR "DOES NOT EXPECT" OR "IS EXPECTED", "ANTICIPATES" OR "DOES NOT ANTICIPATE", OR "BELIEVES", "INTENDS", "FORECASTS", "BUDGET", "SCHEDULED", "ESTIMATES" OR VARIATIONS OF SUCH WORDS OR PHRASES OR STATE THAT CERTAIN ACTIONS, EVENT, OR RESULTS "MAY", "COULD", "WOULD", "MIGHT", OR "WILL BE TAKEN", "OCCUR" OR "BE ACHIEVED". FORWARD LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS WHICH MAY CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SAID STATEMENTS. THERE CAN BE NO ASSURANCES THAT FORWARD-LOOKING STATEMENTS WILL PROVE TO BE ACCURATE, AS ACTUAL RESULTS AND FUTURE EVENTS COULD DIFFER MATERIALLY FROM THOSE ANTICIPATED IN SAID STATEMENTS. ACCORDINGLY, READERS SHOULD NOT PLACE UNDUE RELIANCE ON FORWARD-LOOKING STATEMENTS.

The potential grades detailed in this release are conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the targets being delineated as a mineral resource.

Readers are cautioned not to rely solely on the summary of such information contained in this release and are directed to the complete set of drill results posted on Amazon's website (www.amazonplc.com) and filed on SEDAR (www.sedar.com) and any future amendments to such. Readers are also directed to the cautionary notices and disclaimers contained herein.

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

  • Amazon Mining Holding Plc
    Cristiano Veloso
    President & Chief Executive Officer
    +44 (0) 20 8133 7607
    +44(0)20 7405 7773 (FAX)
    Email: cv@amazonplc.com
    or
    Amazon Mining Holding Plc
    Jed Richardson
    VP Corporate Development
    +1(416)866-2966
    +1(416)866-8829 (FAX)
    Email: jed@amazonplc.com
    Website: www.amazonplc.com