VANCOUVER, British Columbia, Feb. 04, 2019 (GLOBE NEWSWIRE) — HUDSON RESOURCES INC. (“Hudson” or the “Company”) (TSXV: “HUD”; OTC “HUDRF”) is pleased to announce that commissioning has been completed and production ramp-up has commenced at the 100% owned White Mountain Anorthosite mine in Greenland. The calcium feldspar mine is permitted for 50 years.
Hudson has completed the testing of all major equipment components under load and the production of GreenSpar Anorthosite product has commenced. All equipment is performing as expected, with the exception of the secondary High Pressure Grinding Rolls (HPGR) crusher, which is currently running at 55% capacity. During construction, incorrect motors were delivered for the HPGR, which the vendor has addressed and covered all costs related to delivery and installation of the correct motors for the crusher. Some final parts are due to arrive next week, to enable the crusher to operate at its design capacity. The motor replacement has delayed the commissioning schedule by approximately eight weeks and Hudson is reviewing working capital needs as a result.
Jim Cambon, President, commented: “We are very excited to now be producing GreenSpar and preparing for the first shipment of product to our customers. The interest in various markets for our product is excellent and increasing as we get close to loading our first shipment. Hudson is in negotiations with several potential customers and we expect to be able to announce a new E-Glass customer and a new paints and coatings customer in 2019.”
Hudson has engaged a shipbroker to establish a shipper for the first shipments from Greenland to the United States this year. The Company is targeting the first shipment of product in March to Charleston, South Carolina, where Hudson has selected a port facility that can receive, warehouse and transload material to customers worldwide.
After a thorough review of port facilities in the United States, Hudson has entered in to a Letter of Intent (LOI) in January with Carver Maritime Charleston, LLC (Carver) a wholly owned subsidiary of Carver Companies (www.carvercompanies.com) to provide services and facilities in Charleston, SC for stevedoring, offloading, storage, bagging and trans-loading in to containers and bulk material railcars and trucks.
The LOI is for one year after which time Hudson and Carver will look to establish a large tonnage storage facility based on a long-term contract. Carver will be responsible for the capital costs of the long-term facility. Charleston is an excellent strategic location for both customers in the US and globally due to high container traffic which allows for economic transport of containers needing to return to their home ports.
In accordance with Companion Policy NI 43-101 CP (the “Instrument”) to National Instrument 43-101), Hudson cautions the reader that where projects are put into production without completing a feasibility study of mineral reserves demonstrating economic and technical viability, such projects have historically had a higher risk of failure with this decision.
ON BEHALF OF THE BOARD OF DIRECTORS
“Jim K Cambon”
President and Director
For further information:
Ph: 604-628-5002 or 604-505-2157
[email protected]
Forward-Looking Statements
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this news release, including, without limitation, statements regarding the use of proceeds from the private placement, and other future plans and objectives of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s plans or expectations include market prices, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
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