DNRR NEWS: Denarii Resources Inc. Announces Joint Venture Agreement on the Lota Bay Concession in Chile CARSON CITY, Nev., Apr 5, 2010 (GlobeNewswire via COMTEX) -- Denarii Resources Inc. /quotes/comstock/11k!dnrr (DNRR 0.03, -0.01, -15.79%) (Berlin:8D3) (Frankfurt:8D3) and the board of Directors of Denarii Resources Inc. are pleased to announce that the Company is in the process to renegotiate its agreement on the Lota Bay Coal Concession located in Lota Bay, Chile.
The new agreement is a Joint Venture between Denarii Resources Inc., and Southern Energy Company Inc., and includes Maria Ines Moraga Latapiat, the original owner of the Concession.
The new agreement will reduce the number of shares that Denarii agreed to deliver under the original agreement from 10,000,000 to 5,000,000 shares. Denarii in turn will receive 120% of all the funds advanced from 80% of the profits from the Coal recovery. When these funds are paid in full, Denarii will receive 50% of all the remaining profits.
Southern Energy and associates over the past few months has developed relationships with a team of consultants and professionals in Chile. Denarii will benefit from these efforts along with the money that Southern Energy has invested to date with significant savings in the projects development costs.
As a result of this new agreement, Denarii will have more time and money to focus on the company's pursuit to acquire in production on near production gold mining projects.
About Lota Bay Coal Concession
Previous owners of the initial Lota Bay Coal Concession completed extensive development work and calculated recoverable drilled reserves of 275,000 tonnes and a further estimated probable reserve of 90,000 tonnes.
About Denarii Resources, Inc.
Denarii Resources Inc. is in the mineral resource exploration and development business and currently owns a 100% interest in the McNab Molybdenum property located in South-West, British Columbia, Canada. Denarii has also entered into an agreement to acquire two coal concessions in Chile, South America. Denarii is continually moving forward with researching and acquiring multiple assets that it hopes will generate positive cash flow for Denarii. Denarii is presently reviewing a number of precious metal properties. These properties are near or in production Gold and Silver properties located in North, South and Latin America. Specifically included in the companies due diligence is a Gold property in South-East California and a Gold, Silver and Copper property in South America, as previously announced in other corporate news releases. Denarii was founded in 2006 and is based in Carson City, Nevada. For more information, please visit www.dnrrinfo.com.
You should not place undue reliance on forward-looking statements in this press release. This press release contains forward-looking statements that involve risks and uncertainties. Words such as "will," "anticipates," "believes," "plans," "goal," "expects," "future," "intends," and similar expressions are used to identify these forward-looking statements. Actual results could differ materially from those anticipated in these forward-looking statements for many reasons, including the risks we face as described in this press release. For further information about Denarii Resources, Inc. please refer to its website at www.dnrrinfo.com.