BAKERSFIELD, Calif., March 1 /PRNewswire-FirstCall/ -- Tri-Valley Corporation (AMEX:TIV) announced that an industrial mineral mining joint venture of its Select Resources Corporation subsidiary has begun production on a cinder deposit in the Mojave Desert east of Bakersfield, California. Cinder is used primarily for manufacture of building blocks, decorative stone in landscaping and roadbed material, all in high demand in California's burgeoning economy.
Once final Mojave Air Quality District permits are received for additional equipment needed to mine a companion basalt deposit, the Company expects those operations to commence as well. The basalt will be processed to make granules suitable for manufacturing specialty building materials. Both deposits are nearby the huge U.S. Borax mine north of the City of Boron and Edwards Air Force Base, where the space shuttle lands.
The Company forecasts that profitable cinder operations will be attained in the second quarter and expects profitable operations in the basalt mining to be achieved in the third quarter pending receipt of the equipment permits.
The mining project is a 50-50 joint venture between a private firm and Select Resources Corporation called Tri-Western Resources, LLC with Select serving as manager. Tri-Western is also establishing a high-grade calcium carbonate mining and processing operation that is going through permitting and is looking to commence operations in the latter half of this year.
"The site of the deposits recently passed the final inspection with high marks by the Mining, Safety and Health Administration of the U.S. Department of Labor and the staff deserves high praise for this quality effort," said Ian Chapman, Executive Director of Tri-Western Resources, LLC and vice president of Select.
Select Resources Corporation handles all mining and mineral interests for Tri-Valley Corporation, which also conducts oil and gas exploration and production through another subsidiary, Tri-Valley Oil & Gas Co. Select also has two large gold exploration projects and a super high-grade calcium deposit in Alaska and another gold exploration project in the Canadian Yukon east of the Klondike.
This press release contains forward-looking statements that involve risks and uncertainties. Actual results, events and performance could vary materially from those contemplated by these forward-looking statements which includes such words and phrases as exploratory, wildcat, prospect, speculates, unproved, prospective, very large, expect, potential, etc. Among the factors that could cause actual results, events and performance to differ materially are risks and uncertainties discussed in the company's quarterly report on Form 10-Q for the quarter ended September 30, 2005, and the annual report on Form 10-K for the year ended December 31, 2004.
The Company is in its 43rd year of business as a successful operating company and for 32 years has been a full reporting 12 (g) publicly traded Delaware Corporation. Tri-Valley Corporation stock is publicly traded on the American Stock Exchange under the symbol "TIV" in the United States and is also traded in Europe on the Frankfurt Stock Exchange under the symbol "TVC WKN 911919." Our company websites, which include all SEC filings, are http://www.tri-valleycorp.com/ and http://www.tri-valley.de/.
CONTACT:
IAN CHAPMAN, VICE PRESIDENT
SELECT RESOURCES CORPORATION
800-579-9314
DATASOURCE: Tri-Valley Corporation CONTACT: Ian Chapman, Vice President of Select Resources Corporation, +1-800-579-9314 Web site: http://www.tri-valleycorp.com/ http://www.tri-valley.de/
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