FTI Foodtech International Inc.
TSX VENTURE : FTI

FTI Foodtech International Inc.

June 23, 2009 16:04 ET

FTI Signs RTO LOI With Enermine Resources Corp. and Sedco Mining Corp.

TORONTO, ONTARIO--(Marketwire - June 23, 2009) -

(Not for dissemination in the United States of America)

William Hullah, President of FTI Foodtech International Inc. ("FTI")(TSX VENTURE:FTI), announces that he has placed the company in a voluntary Halt Trade status to announce that on June 16, 2009 he signed a Letter of Intent (the "LOI") with Enermine Resources Corporation ("Enermine"), of Vancouver, BC., and Sedco Mining Corporation ("Sedco"), of Vancouver, BC. This LOI is regarding the proposed RTO of FTI by Enermine and Sedco (the "Acquisition"), as well as the financing of FTI.

In its current state, the Acquisition would have FTI acquire all of the current issued and outstanding common shares of Enermine and Sedco in exchange for the issuance of approximately 77,600,000 FTI Common Shares with a deemed value of $0.10 per share. FTI would also acquire all of the issued and outstanding Enermine and Sedco Founders Warrants in exchange for 19,000,000 warrants of FTI with the same terms and conditions. The board of directors of FTI will be revised to consist of a majority of directors made up of Enermine and Sedco nominees.

FTI intends to arrange a private placement of up to 10,000,000 Units (a "Unit") at a price of $0.10 per Unit for gross proceeds of up to $1,000,000. A Unit will consist of one common share and one-half of one share purchase warrant (the "FTI Warrants"), each whole share purchase warrant entitling the holder to acquire one FTI common share at a price of $0.20 per share for a period of two years following the Closing Date.

Further and exact details will be released once the final agreement is signed.

About Enermine and Sedco:

Enermine Resource Corp.

The Enermine Calemar property is a gold +/- silver +/- copper showing. The original showing encompasses a very old undated inclined mine shaft. Mineralization at the showing at the addit has been traced for approximately 500 metres along a north-south trend over a confirmed width of 5-10 metres with a secondary breccia system that contains lower grade mineralization which may extend for 50-100 metres width and a kilometer long. A 25,450 meter 3d IP survey has been completed over the main area of interest and the survey has produced a strong resistivity anomaly that coincides with the known geology. This area is presently being permitted for drilling.

The property is located approximately 92 kilometers southeast of the city of Cajamarca in the Department of La Libertad in north-central Peru and can be found on map sheets 15-H, "Bolivar" and 16-H, "Pataz". The 17 concessions comprising the Enermine property cover approximately 15,185.98 hectares and are located around the Rio Maranon in north-central Peru. The claims cover the extent of this new mineralized trend over nearly 26 kilometers of strike length. All of the concessions comprising the property are fully owned by White Rocks International S.A.C. ("White Rocks"). Enermine Resource Corp. ("Enermine") has agreed upon a 100% exclusive option for right, title, and interest in the concessions under an agreement with White Rocks. At the time of publication the concessions are granted petitorial (Concesion) status with the Instituto Nacional de Concesiones y Catastro Minero and its affiliate, Instituto Geologico Minero y Metalurgico. East of the Rio Marinon the claims also require INC (Institute of National Culture) or archeological approval for drilling. In the location of the initial area of interest archeological studies have been completed and only minor areas of archeological occurrences have been located with a report being filed and approvals pending.

In the area of the addit showing, the rocks are mostly metamorphosed (biotite grade) sandstone-phyllite country rock of the Proterozoic Maranon complex. The metamorphic rocks are cut by a series of robust cockscomb veins, hydrobreccia and crackle breccias that are laterally continuous and collectively up to several meters in width. Abundant hematite suggests high primary sulphide content within the vein stockworks and breccias. Intense oxidation has replaced all primary sulphides on surface but the vein stockwork and breccias are easily recognized by the intense black red specularite-hematite staining along with malachite, rare azurite (and other copper oxides). The large breccias has been trench sampled with nearly continuous anomalous gold values over more than 100 meters on two parallel trenches 50 meters apart near the original addit. The vein showing at the addit location is also characterized by high-grade silver and copper values with as high as 30.6 g/t silver and 7.87% copper. The style and form of mineralization, which extends at least 1.5 km along the Rio Maranon locally, identifies the potential deposit as epithermal-style gold-silver-copper veins that may be porphyry related. Small intrusive dikes have been identified within the brecciated zone on surface. The robust and aerially extensive cockscomb veins and stockworks, along with hydrobreccia, are identifiable features of the mineralization.

Sedco Mining Corp.

The Sedco properties consist of two main properties, Sacanche a large property with both a lead-zinc sedimentary showing and Red Bed style copper showing and Tabalosos containing a series of Red Bed style copper showings. The Sacanche river showing has over 30 meters discontinuous width of highly altered massive lead zinc and the nearby stratigraphic copper has bedded chalcocite over several meters thickness. Mineralization of the lead zinc showing has been traced for approximately 2.5 kilometers along a north-south trend over a width of 150-100 metres of alteration seen on surface. The main claims had 97500 meters of 3d IP survey completed. The Sacanche claims have a geophysical anomaly concurrent with the geological model on the lead zinc zone that is in the process of drill permitting. The Tabalosos claims had a 3D IP survey completed on one location as well as approximately 1500 soil samples were taken.

The properties are located within the Department of San Martin, in the center of the northeastern part of the Republic of Peru. The Sacanche property is centered at latitude 7 degrees 05'S and longitude 76 degrees 49'W and is located southwest of the city of Tarapoto. The properties are shown on the map sheets 1558 (13J) Moyobamba and 1556 (15J) Juanjui. Juanjui has hotels and services and is about half an hour driving time on a main highway (that connects with Tarapoto) from the property. Tabalosos property is centered at latitude 6 degrees 23'S and longitude 77 degrees 42'W. The company has accommodations in Tabalosos which were used by the geophysical survey crew and is accessed via a paved highway from Tarapoto.

Sacanche area has water permits for drilling and is in the final stages of permit approval for INC or archeological surveys. All surveys have been completed, filed, approved at head office and now waiting for the last local government inspection. Community meetings have been held and private ownership superficial land permits required have been obtained. Drilling permits have been filled and are held waiting for the INC approval.

Sacanche and Tabalosos claims consist of 31 concessions totaling an area of 26,900 hectares. Most of the claims in the area of interest are in Concession status or approved for work. Sedco can earn 100% of the claims containing the Pb-Zn sedimentary formations and the mineralized Cu-Ag stratigraphy.

Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • FTI Foodtech International Inc.
    William Hullah
    President
    (416) 444-1058