Victoria, British Columbia CANADA, June 20, 2012 /FSC/ - Erin Ventures Inc. (EV - TSX Venture), ("Erin") is pleased to announce that it has entered into a Letter of Intent with Societa Chimica Larderello S.p.A ("SCL"), for the purpose of establishing a strategic partnership regarding Erin's Piskanja boron project in Serbia.
The key terms of the Letter of Intent are as follows:
1. SCL intends to construct a boric acid plant in Serbia (subject to a feasibility study) proximal to Erin's Piskanja boron property, utilizing borates from Erin's property. SCL plans to build the plant with an initial capacity of 15,000 to 20,000 metric tonnes of boric acid per year, for use exclusively in the production of SCL's "specialty borates" products (which are derived from boric acid, or contain boric acid as a key ingredient).
2. Erin and SCL will enter into a long term purchase contract, with Erin providing borates from Piskanja for a period of 30 to 40 years, using a predetermined price formula, to be agreed upon.
3. Erin will assist SCL in obtaining required permits and licensing for the boric acid plant, and will act as liaison with the Serb government on SCL's behalf.
4. SCL will assist in the development of Erin's colemanite business, including technical and marketing assistance as required, as well as advise and assist in the design and operation of a technical-grade boric acid production facility, if Erin chooses to develop one.
5. In conjunction with the joint venture arrangements, SCL will evaluate the opportunity of investing in Erin's Piskanja boron project. The nature and terms of any such investment will be as mutually agreed between the parties.
"We are excited by this mutually beneficial partnership. This alliance will strengthen Erin's position as a relevant participant in the boron industry" said Tim Daniels, President of Erin. "SCL is a leader in the boron business, with nearly 200 years experience. Their knowledge and expertise in the development, production and marketing of borates and derivatives will be invaluable to us."
Erin continues towards development of additional strategic alliances. Erin believes that its best course to effectively penetrate the market and maximize returns is to secure multiple strategic partners who are well established in various facets of the boron industry, such as SCL.
Erin is in discussions with several other potential partners that have the ability to provide needed capital, technical expertise (general mining and boron-specific), boron-specific marketing expertise, boron-specific value-added expertise, as well as substantial end-users of boron and boron derivatives who are looking to secure long term purchase arrangements.
About Societa Chimica Larderello S.p.A
As the world's oldest producer of boric acid, SCL has been in the boron business since 1818. SCL is an Italian chemical company with head offices in Milan and production facilities in Larderello, Italy. It has overseas offices in the USA, China, and Germany.
SCL is the only European producer of boron products, engaged in the production and marketing of specialty boric derivative products with applications that include the nuclear, electronic, chemical, and pharmaceutical sectors. SCL sells worldwide distributing its products in more than 50 countries.
For more information on SCL: www.scl-us.com/
On behalf of the Board of Directors,
Blake Fallis, General Manager
For further information, please contact:
Erin Ventures Inc.
Blake Fallis, General Manager
Phone: 1-250- 384-1999 or 1-888-289-3746
Erin's Public Quotations
TSX Venture: EV
SEC 12G3-2(B) #82-4432
Neither the 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.
Forward Looking Statements: This release contains forward looking statements. The words "believe," "expect," "feel," "plan," "anticipate," "project," "could," "should" and other similar expressions generally identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties including, without limitation, variations in estimated costs, the failure to discover or recover economic grades of minerals, and the inability to raise the funds necessary, changes in external market factors including commodity prices, and other risks and uncertainties. Actual results could differ materially from the results referred to in the forward-looking statements.
To view this press release as a webpage, please click on the following link: http://www.usetdas.com/pr/erinventures6202012.htm
Source: Erin Ventures Inc. (EV - TSX-V) http://www.erinventures.com
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