Transglobal Mining Corp.
OTC Bulletin Board : TMNC

May 03, 2007 10:37 ET

Transglobal Mining Announces Joint Venture Agreement in China

SASKATOON, SASKATCHEWAN--(CCNMatthews - May 3, 2007) - Transglobal Mining Corp. ("The Company") (OTCBB:TMNC) is pleased to announce that it has signed an option agreement to participate in the development and exploitation of a known gold resource in China. China Eastern Mining Corporation (CEM), a private company has given an option to Transglobal to establish five new mining shafts on their Beitumenzhi Property which is located approximately 7 km northeast of Chunhua, Jilin Province. The rights to Mining License #2200000431069 are held by CEM under certain agreements originating from the 6th Geological Brigade the highest authority in China regarding mining rights. The property is located in an area known as the Huangsongdianzi Conglomerate Gold Mine which has been extensively explored in the past. The Huangsongdianzi gold occurrence is a placer deposit of gold bearing conglomerate overlain by some 90 meters of indurated non-marine sediments of late Tertiary age.

The company may exercise their option to develop the 5 shafts for the cost of construction (including materials and labor) which will be capped at CDN$100,000 per mining shaft. The construction and operation of the shafts will be overseen on site by management of CEM who have an operating labor crew in place now. Any net profit extracted from one of these newly developed shafts will be split 65% to Transglobal and 35% to CEM. This option will be valid for exercise until the close of business on May 2, 2008.

Transglobal Mining Corp. is focussed on an aggressive program of acquisition of junior and advanced stage mining projects and is currently seeking further involvement in other mining projects.

Scott Elgood, President

This Press Release may contain, in addition, to historical information, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on management's expectations and beliefs and involve risks and uncertainties. These statements may involve known and unknown risks and uncertainties and other factors that may cause the actual results to be materially different from the results implied herein. A key factor that could cause actual results to differ materially from those described in forward-looking statements is the inability of the Company to obtain final court approval of the stipulation of settlement.

Readers are cautioned not to place undue reliance on the forward-looking statements made in this Press Release.

Contact Information

  • Venture Media Group Inc.
    Andrew Mugridge
    Investor Relations
    (604) 801-5442