Agoracom Blog

Omagine, Inc. Appoints Alan M. Matus as Director

Posted by AGORACOM-JC at 2:03 PM on Friday, August 28th, 2015

Omag

New York –August 28, 2015 -Omagine, Inc. [OTCQB: OMAG] today announced that Alan M. Matushasbeen appointed as an independent Director of Omagine, Inc. (“Omagine” or the “Company”) effective September 1, 2015.With Mr. Matus’ appointment, the majority of the Company’s Board of Directors now consists of non-executive independent outside directors.

Mr. Matushas five decades of residential, hospitality and commercial real estate development experience. He is a seasoned real estate industry executive and owner who has personally directed the development, planning, architectural design, financing, construction and marketing of many public and private developments both internationally and in the U.S.Mr.  Matus graduated as a Chartered Accountant (a CPA equivalency) from the University of Witwatersrand, Johannesburg, South Africa.

Mr. Matus is an owner and operator of Acqualina Residences and Resort, a beachfront luxury resort just north of Miami, Floridawhich he developed and opened in 2006 (www.Acqualinaresort.com). Its Mediterranean villa décor offeringocean and Intracoastal viewswas designed witha distinct European feel. The resort, including the 20,000 square foot Acqualina Spa by global spa leaders ESPA, is a recipient of the coveted Forbes Travel Guide Five Star Award, the AAA Five Diamond Award and the Andrew Harper’s Reader’s Choice Award for Top 20 Beach and Family Resorts worldwide. In 2015 Acqualina Mansions, comprising 79 ultra-luxurious residences, was added to the resort and an additional 265 residences are currently being planned for the future.

Mr. Matus joined Williams Island as its President and Chief Executive Officer in the 1980’s to conceive, develop, build and manage this two billion dollar landmark residential and resort community on the Intracoastal Waterway in Aventura, Florida (http://www.williamsislandclub.com).This renowned 80-acre community has been heralded worldwide as a “world unto itself”. It is also known as the “Florida Riviera”. Mr. Matus currently resides in Williams Island and is active in professional industry organizations.

Omagine’s president, Frank J. Drohan, remarked:“Alan brings a highly diverse skill set to the Board and to our business with his development, ownership and operational expertise, finance experience and other relevantreal estate development skills.He has international experience, great taste and a terrific design sense. Alan’sfocus on customer amenities and experiencesand his distinguished professional accomplishments in the real estate development business will greatly benefit our Company, its shareholders and our vision for the Omagine Project. I am greatly pleased that we were successful in recruiting someone of Alan’s stature andproven ability to our Board and we look forward to his contributions to our continued success.”

About Omagine, Inc.

Omagine, Inc. is a publicly traded U.S. company (Stock Symbol: OMAG). The Company is focused on real-estate, entertainment and hospitality opportunities in the Middle East and Northern Africa (the “MENA Region”) and on the design and development of unique tourism destinations that are thematically imbued with culturally aware, historically faithful, and scientifically accurate entertainment experiences. Governments in the MENA Region are highly focused on diversifying their economies to create employment opportunities for their citizens via the development of tourism destination projects. It is the Company’s opinion that this governmental strategic vision combined with the enormous financial resources in the MENA Region will continue to present superb development opportunities.

Investors or interested parties may visit Omagine’s website at www.omagine.com for more information about the Company or http://agoracom.com/ir/omagine which is the Company’s investor relations website.

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements contained in this press release that are not historical facts, may be deemed to be forward-looking statements and are subject to risks and uncertainties. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management. Readers are urged not to place undue reliance on the forward-looking statements, which speak only as of the date hereof. Additional information on risks and other factors that may affect the business and financial results of Omagine, Inc. can be found in the “SEC Filings” of Omagine, Inc. with the United States Securities and Exchange Commission (“SEC”). Investors are urged to review the Company’s SEC Filings.

Contact:

Omagine, Inc.

Corporate Inquiries

Charles P. Kuczynski, Vice-President

Telephone:+1-212-563-4141 — Ext. 208

Email:charles.kuczynski@omagine.com

CLIENT FEATURE: Urban Barns (URBF: OTCQB) Capitalizing on Evolution of Cubic Farming

Posted by AGORACOM-JC at 12:05 PM on Friday, August 28th, 2015

What is Cubic Farming?

  • A revolution in Controlled Environment Agriculture (CEA)
  • Propriety, patent-pending, looped conveyer growing system
  • Advanced uniform LED technology
  • Automated watering and nutrients
  • Optimal conditions for crops to transition from seeds to maturity through pre-set germination, growing and harvesting phases.

Why Urban Barns Foods?

  • Unknown story due to no previous IR = best opportunity to get in
  • Tier-1 Customers = Commercial Acceptance
  • 320 square feet = 3 acres of farm production
  • $6M Market Cap = Great Risk/Reward
  • Watch this video clip to see what production looks like
  • Watch this video clip to see what the Executive Chef at Chateau Frontenac has to say

Marquee Customers Include:

Strong Institutional Ownership, 39% Owned By:

Modern Agriculture Needs Green Innovation

The Cubic Farming Advantage

  • 100% controlled environment
  • Growing 365 days a year
  • No pesticides, herbicides or fungicides
  • No GMOs
  • Minimal water requirements
  • Superior nutritional values
  • Longer shelf life
  • Consistency

Consumers Demand Clean Food

  • Globally, the BFY (BETTER FOR YOU) food category is projected to grow by 25% to over $199.8 billion in 2015.
  • GMOs, a major concern for North American consumers
  • 72% of consumers say it is important to avoid GMOs when they shop
  • 40% of consumers say they look for non-GMO claims on food
  • Natural & clean foods are increasingly mainstream
  • Not only for higher income, most educated privileged segment. It is becoming a social movement.

Urban Barns Is the Solution


12 Month Stock Chart

Tourism contribution to GDP rises

Posted by AGORACOM-JC at 5:14 PM on Thursday, August 27th, 2015

Tourism contribution to GDP rises

  • Direct and indirect contribution of the Sultanate’s tourism sector to Gross Domestic Product (GDP) is estimated to exceed six per cent this year, according to a high ranking official of the Ministry of Tourism
  • Maitha Bint Saif al Mahrouqiya, Undersecretary, Ministry of Tourism, said tourism accounts for nearly 2.5 per cent of GDP and contributes RO 650 million annually to economic activity as against RO 273 million in 2005, thus achieving an average growth rate of around 11 per cent per year (2005-2014).

By Hasan Kamoonpuri — MUSCAT: August 26: The direct and indirect contribution of the Sultanate’s tourism sector to Gross Domestic Product (GDP) is estimated to exceed six per cent this year, according to a high ranking official of the Ministry of Tourism. In comments to Oman Observer recently Maitha Bint Saif al Mahrouqiya, Undersecretary, Ministry of Tourism, said tourism accounts for nearly 2.5 per cent of GDP and contributes RO 650 million annually to economic activity as against RO 273 million in 2005, thus achieving an average growth rate of around 11 per cent per year (2005-2014).

“Oman’s tourism industry has seen considerable development and progress in recent times, which is reflected in the increase in all tourism indicators,” she added.

“Specifically, one of the milestones is related to the implementation of the Integrated Tourism Complexes, namely, The Wave, Salalah Beach Resort and Jabel Al Sifa Resort. These ITCs are in part operational with world class hotels, golf courses, marinas and residential units.

“Another milestone is the establishment of a completely new department which caters for the provision of miscellaneous services and a comprehensive set of information for investors, both domestic and foreign.

The market-based representative offices opened in most tourist markets is yet another milestone in tourism development”.

The launching of the Oman Tourism Strategy project in mid-2014 is a landmark that provides a roadmap to guide “our efforts on sound scientific and progressive basis”, thus reaping the benefits and many opportunities that are now made available through international tourism.

The preparation of the long-term tourism strategy (2016–2040) has entered a very advanced stage and it is scheduled to be unveiled in September this year.

The Sultanate’s tourism sector launched itself into 2015 on a high, fuelled by strong bookings by hotels and resorts and a strong line-up of projects that are currently underway.

The revenues of hotels during 2014 stood at RO 216,526, 000 compared to RO198, 835, 000 in 2013, thus indicating that hotels’ revenues grew by RO 17.7m in 2014, according to the National Centre for Statistics and Information (NCSI).

The Sultanate’s tourism revenue from international visitors exceeded $1 billion for the first time in 2012, making it one of the top tourism destinations in the Gulf region, according to a report published by the United Nations World Tourism Organisation (UNWTO).

The tourism undersecretary said there are a number of mega projects that are currently underway such as the Convention Centre, Omagine, Palm Mall and Ras Al Hadd Resort. Omagine and Palm Mall are located in Muscat Governorate (Wilayat As’ Seeb) while Ras Al Hadd Resort is located in South Sharqiyah Governorate.

Source: http://omanobserver.om/tourism-contribution-to-gdp-rises/

A 2nd Major Silicon Metal Producer Requests High Purity Quartz Samples From Uragold

Posted by AGORACOM-JC at 10:12 AM on Thursday, August 27th, 2015

  • Announced that a second major silicon metal producer (“2nd Producer”) has requested samples of High Purity Quartz
  • Patrick Levasseur, President and COO of Uragold stated, “The interest we are receiving from global silicon metal producers for our quartz demonstrates the exceptional quality of the Roncevaux quartz and the lack of supply of High Purity Quartz. We are now even more focused on determining the full potential of our industry leading quartz portfolio.”

Montreal, Quebec / August 27 2015 – Uragold Bay Resources Inc. (“Uragold”) (TSX Venture: UBR), is pleased to announce that a second major silicon metal producer (“2nd Producer”) has requested samples of High Purity Quartz from our Roncevaux property located in the Matapedia Valley in the Gaspe region of Quebec.

ADDITIONAL THIRD PARTY VALIDATION BODES WELL FOR ADVANCEMENT OF URAGOLD HIGH PURITY QUARTZ PROPERTIES IN QUEBEC

In order to perform their test, the 2nd Producer requires 30 kg of quartz material be sent to a laboratory in Switzerland for thermal and mechanical stability tests in addition to chemical purity analysis. Discussions remain confidential as well as tests and results, which will be proprietary to the 2nd Producer.

Patrick Levasseur, President and COO of Uragold stated, “The interest we are receiving from global silicon metal producers for our quartz demonstrates the exceptional quality of the Roncevaux quartz and the lack of supply of High Purity Quartz. We are now even more focused on determining the full potential of our industry leading quartz portfolio.”

FIRST PRODUCER HAS CONFIRMED INTEREST IN PURCHASING SIGNIFICANT TONNAGE OF HIGH PURITY QUARTZ FROM URAGOLD

On March 2nd 2015, Uragold announced that a major silicon metal producer (“1st Producer”) had confirmed their interest in purchasing a significant tonnage of High Purity Quartz from our Roncevaux property in Quebec.

The Producer had confirmed that the Quartz material from our Roncevaux property successfully passed their rigorous testing protocol, which determined that the material is highly suited for their silicon metal production plant.

SUCCESSFUL COMPLETION OF FINANCING – INSIDERS ACCOUNT FOR 49% OF FUNDS

Uragold announces that it has closed the new non-brokered private placement of 6,619,000 units (“Unit”) at $0.05 per Unit for gross proceeds of $330,950 previously announced on August 19, 2015. The net proceeds from the Private Placement will be used for general corporate expenditures and to enhance the Company’s balance sheet.

Each Unit is comprised of one (1) common share and one (1) common share purchase warrant (“Warrant”) of the Company. Each Warrant will entitle the holder thereof to purchase one common share of the capital stock of the Company at an exercise price of $ 0.07 during a period of 36 months from the date of closing of the placement. Each share issued pursuant to the placement will have a mandatory four (4) month holding period from the date of closing of the placement. The placement is subject to standard regulatory approvals.

SHARES FOR SERVICES PROGRAM

The Corporation also announced that it has issued 565,000 common shares at a deemed price of $0.05 per share and therefore paid a debt of $28,250 for services rendered during the period from January 16, 2015 ending July 15, 2015.

MODIFICATION TO STOCK OPTION PLAN

Uragold announces that its Board of Directors has approved the modification of the total number of shares that may be issued pursuant to its stock option plan, which is increased from 4,400,000 shares to 10,800,000 shares. The maximum number of common of shares that may be issued under the plan shall be equivalent to less than 10% of the issued and outstanding common shares of the Corporation. The modification is subject to regulatory approval.

About UBR – Quebec Quartz

UBR – Quebec Quartz is the largest holder of High Purity Quartz properties in Quebec, with over 3,500 Ha under claims. Despite the abundance of quartz, very few deposits are suitable for high purity applications. High Purity Quartz supplies are tightening, prices are rising, and exponential growth is forecasted. Quartz from the Roncevaux property successfully passed rigorous testing protocols of a major silicon metal producer confirming that our material is highly suited for their silicon metal production.

In addition to becoming a supplier of lump quartz for silicon metal production, Quebec Quartz’s objective is to transform its High Purity Quartz into Ultra High Purity Quartz Sands to generate significantly greater profits and become a leading supplier of Ultra High Purity Quartz.

About Uragold Bay Resources Inc.

Uragold Bay Resources is a TSX-V listed Gold and High Purity Quartz exploration junior focused on generating free cash flow from mining operations. Our business model is centered on developing mining projects suited for smaller-scale start-up and that could potentially generate high yield returns. Uragold will reach these goals by developing Quebec’s first paleoplacer mine in 50 years, the Beauce Placer Project and, in partnership with Golden Hope Mines, the Bellechasse-Timmins Gold Deposit.

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.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or the securities laws of any state of the United States and may not be offered or sold within the United States or to, or for the account or the benefit of, U.S. persons (as defined in Regulation S un der the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.

For further information contact

Bernard J. Tourillon, Chairman and CEO
Patrick Levasseur, President and COO

Tel: (514) 846-3271
www.uragold.com

Avalon Rare Metals Discusses Pilot Plant Program on Separation Rapids Lithium Project

Posted by AGORACOM-JC at 2:10 PM on Wednesday, August 26th, 2015

Avalon recently announced that a $750,000 pilot plant program has commenced on the Company’s Separation Rapids Lithium Project located near Kenora, Ontario. The 2015 pilot plant program will provide a trial of the new lithium minerals process flow sheet developed at the bench scale over the past year.

Hub On AGORACOM / Corporate Profile / Read Release

DuSolo Provides Corporate Update

Posted by AGORACOM-JC at 8:17 PM on Tuesday, August 25th, 2015

  • “In the coming months, the Company plans to implement a number of sales and production strategies in an attempt to increase revenues, while managing its production costs. DuSolo’s long term focus remains unchanged, as we continue to build the Company into a domestic Brazilian phosphate producer.”

VANCOUVER, BRITISH COLUMBIA–(Aug. 25, 2015) - DuSolo Fertilizers Inc., (TSX VENTURE:DSF)(OTC PINK:ELGSF)(FRANKFURT:E6R) (“DuSolo” or “the Company”) is pleased to provide a corporate update for its Brazilian operations.

After a longer than anticipated rainy season, the Company has been excavating and processing Direct Application Natural Fertilizer (“DANF”) product at Bomfim since June. DANF product sales, however, have been less than anticipated due to soft fertilizer demand in Brazil. This is a result of weaker crop prices, the lower purchasing power of the Real and delayed credit availability from the government to farmers and agri-businesses.

“In light of the current market conditions in Brazil, and the effect it has had on the Company’s performance, DuSolo’s new board and management have undertaken a strategic review of all operations,” said Darren Bowden, CEO of DuSolo. “In the coming months, the Company plans to implement a number of sales and production strategies in an attempt to increase revenues, while managing its production costs. DuSolo’s long term focus remains unchanged, as we continue to build the Company into a domestic Brazilian phosphate producer.”

The following strategic initiatives will be undertaken:

  • Drawdown of Bridge Loan facility. Funds have already been received and will be used as working capital as DuSolo begins to accept forward sales contracts.
  • Plans to reconfigure Bomfim Processing Plant in order to increase DANF product output without installing additional hammer mills, saving the Company C$400,000.
  • Looking at alternative sales strategies, including forward sales contracts and expanding sales into other regions in Brazil.

Sales

Year to Date, 2015, DuSolo produced and sold the following amounts of DANF product (all figures are in tonnes):

Mine Production Plant Production Delivery of Sales To Be Delivered
52,931 29,939 7,373 3,363

Of the 81,100 tonnes in signed commitments, approximately 3,290 tonnes of product has already delivered, and an additional 3,363 tonnes will be delivered in the short term. All of these contracts are still in good standing, though buyers have been slow to perform due to the market conditions described above.

To smooth upcoming sales revenue, the Company will implement a number of sales strategies in order to ensure that DANF product sales continue, including accepting forward sales contracts, while continuing to receive proceeds from sales on delivery.

Operations

The material processed to date has come from the Santiago project (“Santiago”). Further analysis and characterization has confirmed that mineralization at Santiago is softer and more fine that previously thought. This has led to the primary screen being under utilized and the secondary screen being over loaded causing a production bottleneck. DuSolo, at minimal cost, will reconfigure the Bomfim Processing Plant (“the Plant”) to better handle this material.

The reconfiguration includes a plate change in the existing hammer mills to increase final product top size from 1.5mm to 2mm, which has already been completed. In addition, the screen decks will be resized to redirect material to different stockpiles, reducing rehandle and increasing primary and secondary screen efficiency. Once both of these changes are in place, the Plant is expected to achieve a sustainable throughput of 80 tonnes per hour versus the current maximum of 60 tonnes per hour.

The optimization of the Plant will allow for higher production, without having to install the additional hammer mills as previously planned. This will result in a C$400,000 savings for DuSolo. The Company will complete the reconfiguration in September, and expects DANF product inventory stockpiled to meet September sales demand. The Plant is expected to recommence production with the new screens and mills for a short period in October in order to test the upgrades and build sufficient product stock to meet low season sales.

Other Phosphate Opportunities

DuSolo maintains its focus on growth through building its operations, as well as assessing new phosphate opportunities in other regions of Brazil. The Company is of the opinion that current market conditions in the fertilizer market are temporary and are likely to improve in the mid to long term. It is therefore evaluating investment opportunities created by the weakness in phosphate demand, and looking to expand into new agricultural areas in Brazil as part of its strategy to become a mid-tier Brazilian fertilizer producer.

ABOUT DUSOLO

DuSolo Fertilizers Inc. is focused on developing a fully integrated process to produce phosphate based fertilizers within the Cerrado region of Brazil as part of a nationwide effort, incentivized by the government, to increase supply of domestically sourced fertilizers and achieve agricultural self sufficiency.

The Company’s shares are publicly traded on the TSX Venture Exchange under the symbol DSF, on the OTC Pink Sheets under the symbol ELGSF and on Frankfurt Stock Exchange under the symbol E6R.

On behalf of DuSolo Fertilizers Inc.

Darren Bowden, CEO

Forward-looking statements

Certain information contained in this press release constitutes “forward-looking information”, within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur”, “be achieved” or “has the potential to”. Forward looking statements contained in this press release may include statements regarding the future operating or financial performance of DuSolo which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com. The forward-looking statements included in this press release are made as of the date of this press release and DuSolo 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 expressly required by applicable securities legislation.

Neither the TSX Venture Exchange Inc. nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this press release.

DuSolo Fertilizers Inc.
(604) 331-9853
ir@dusolo.com

Avalon Discusses Continued Listing Standards Notice from NYSE MKT

Posted by AGORACOM-JC at 3:02 PM on Tuesday, August 25th, 2015

Avalon recently received a letter from NYSE MKT LLC dated July 30, 2015 which states that due to the Company’s recent low selling share price, it has been deemed to be not in compliance with the continued listing standards of the Exchange. The Company’s continued listing is contingent upon the Company effecting a share consolidation within a reasonable period of time or upon a sustained increase in its share price. The company goes “Beyond The Press Release” to discuss this matter further.

 

Hub On AGORACOM / Corporate Profile / Read Release

DuSolo Announces Management Restructuring

Posted by AGORACOM-JC at 5:15 PM on Wednesday, August 19th, 2015

  • Board of directors has appointed Eran Friedlander as Non-Executive Chairman and Darren Bowden as Chief Executive Officer
  • As DuSolo transitions from exploration to production, it is seeking to expand its management’s operational experience,” said Eran Friedlander, Chairman. “Darren Bowden has a wealth of operational experience and knowledge, and will be an asset to the Company as it increases its production profile.”

Finalizes Bridge Loan Agreement

VANCOUVER, BRITISH COLUMBIA–(Aug. 19, 2015) - DuSolo Fertilizers Inc., (TSX VENTURE:DSF)(OTC PINK:ELGSF)(FRANKFURT:E6R) (“DuSolo” or “the Company”) is pleased to announce that its board of directors has appointed Eran Friedlander as Non-Executive Chairman and Darren Bowden as Chief Executive Officer.

“As DuSolo transitions from exploration to production, it is seeking to expand its management’s operational experience,” said Eran Friedlander, Chairman. “Darren Bowden has a wealth of operational experience and knowledge, and will be an asset to the Company as it increases its production profile.”

Darren Bowden, the Company’s new CEO said, “Having operated in many countries around the world, I am delighted to accept the role of CEO and look forward to working closely with Eran and the team to bring the Company’s operations to their full potential. I look forward to both optimizing the operations and delivering value for all of DuSolo’s stakeholders.”

In connection with these appointments, Mr. Bowden has agreed to act as an interim CEO for up to 12 months and Mr. Friedlander has agreed to consult as a strategic advisor to the CEO for a period of two years.

Bridge Loan Agreement

The Company is also pleased to announce that it has signed the definitive loan agreement with Ndovu Capital III B.V. (“Ndovu”) for C$750,000 (the “Bridge Loan”), as announced in the Company’s press release dated August 10, 2015. The Bridge Loan bears interest at 10% per annum, is repayable in three months, bears an establishment fee of 5%, and is subject to representations, warranties, covenants and negative covenants customary for a loan of this nature. The Company will draw down the Bridge Loan and use the proceeds for general working capital purposes. Ndovu is an affiliate of Tembo Capital Mining Fund LP and is the Company’s largest shareholder, with 15.43% of DuSolo’s issued and outstanding common shares. Mr. Peter Ruxton, a director of Ndovu, is a director of the Company and abstained from the approval of the Bridge Loan.

Board Committees

The Company’s board of directors confirms the appointments to the following standing committees of the board:

Audit Committee: David Farrell (Chair), Peter Ruxton, Michael Vint
Compensation Committee: Peter Ruxton (Chair), David Farrell, Michael Vint
Corporate Governance and Nominating Committee: David Farrell (Chair), Peter Ruxton, Darren Bowden

ABOUT DUSOLO

DuSolo Fertilizers Inc. is focused on developing a fully integrated process to produce phosphate based fertilizers within the Cerrado region of Brazil as part of a nationwide effort, incentivized by the government, to increase supply of domestically sourced fertilizers and achieve agricultural self sufficiency.

The Company’s shares are publicly traded on the TSX Venture Exchange under the symbol DSF, on the OTC Pink Sheets under the symbol ELGSF and on Frankfurt Stock Exchange under the symbol E6R.

On behalf of DuSolo Fertilizers Inc.

Eran Friedlander, Chairman

Forward-looking statements

Certain information contained in this press release constitutes “forward-looking information”, within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur”, “be achieved” or “has the potential to”. Forward looking statements contained in this press release may include statements regarding the future operating or financial performance of DuSolo which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com. The forward-looking statements included in this press release are made as of the date of this press release and DuSolo 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 expressly required by applicable securities legislation.

Neither the TSX Venture Exchange Inc. nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this press release.

DuSolo Fertilizers Inc.
(604) 331-9853(604) 331-9853(604) 331-9853(604) 331-9853
ir@dusolo.com
www.DuSolo.com

Uragold Starts Work On Quartz Deposit To Validate Historical Estimate For Potential Order From Major Silicon Producer

Posted by AGORACOM-JC at 10:01 AM on Wednesday, August 19th, 2015

Uragold_logo

  • Fieldwork to confirm resource is capable of fulfilling potential order
  • Anzaplan to test for potential high value applications, including ultra high purity quartz sand
  • Major Silicon Metal Producer expressed interest in purchasing between 20,000 to 50,000 tons annually of High Purity Lump Quartz material (see Mar 2, 2015 release)

Montreal, Quebec / August 19 2015 – Uragold Bay Resources Inc. (“Uragold”) (TSX Venture: UBR) is pleased to announce that fieldwork on the Roncevaux quartz property located in the Matapedia Valley in the Gaspe region of Quebec has started for the purpose of achieving two objectives.

FIELDWORK TO CONFIRM RESOURCE IS CAPABLE OF FULFILLING POTENTIAL ORDER

Per the Company’s announcement on March 2, 2015, a major Silicon Metal Producer has expressed interest in purchasing between 20,000 to 50,000 tons annually of High Purity Lump Quartz material from our Roncevaux property, after our material successfully passed their rigorous testing protocols. This requires Uragold to validate if the historical estimates of 414,700 tons of High Purity Quartz; contained in the V1 vein structure calculated in 2003 (grading @ 99.20% of SiO2), will be sufficient to fulfil the potential order. (GM60610: Barrette, Jean-Paul. 2003. Rapport des travaux d’exploration miniere sur la veine de quartz pur. Projet Silice Roncevaux, Canton Roncevaux, Gaspesie), (press release December 16, 2014).

All information such as resources estimates and grades herewith presented is historical in nature and while relevant, the information was obtained before the implementation of National Instrument 43-101 and as such does not meet National Instrument 43-101 reporting standards. The historical estimate should not be relied upon until the Company can confirm them.

ANZAPLAN TO TEST FOR POTENTIAL HIGH VALUE APPLICATIONS, INCLUDING ULTRA HIGH PURITY QUARTZ SAND

Pursuant to our MOU announced April 13, 2015, a second objective of the program is to collect 150 kg of sample material from the V1 vein structure ANZAPLAN will then complete quartz processing and beneficiation tests to characterize the quartz potential for high value applications, including Ultra High Purity Quartz Sands. The leading consultancy and engineering company in high purity quartz project valuation, ANZAPLAN has a wide range of international clients in the mining, engineering, and production industries. The company’s’ renowned international reputation in the glass and ceramics industry has steadily extended into the high purity market sectors.

Dr. Marc Richer-LaFleche, Ph.D. (Geo) will be leading the Institut National de la Recherche et des Sciences (INRS, Eau Terre Environnement) team retained by the Corporation to complete the program. The work will also allow the planning of a subsequent drilling program to be complete before the end of the year.

INRS is a university dedicated to fundamental and applied research, graduate studies and the training of researchers in its four research Centres in Quebec City, Laval, Montreal and Varennes. Part of the Universite du Quebec network, INRS University ranks first in Canada in terms of research intensity. Located in Quebec City, the INRS Eau Terre Environnement Research Centre is a world class research facility that brings together 40 professors, over 200 graduate and postgraduate students, and about 20 postdoctoral researchers.

Dr. Marc Richer-LaFleche, Ph.D., is professor of geology and research scientist at INRS. He is a renowned geologist with special interest in clays and silica. Dr. Richer-LaFleche completed his doctoral studies with Centre National de la Recherche Scientifique of France (CNRS) and at Universite de Montpellier II. He also completed his post-graduate with the National Geological Commission of Canada.

Private Placement

Uragold announces its intention to proceed with a new non-brokered private placement of 6,619,000 units (“Unit”) at $0.05 per Unit for gross proceeds of $330,950. Insider participation in this placement could accounts up to 49% of the total amount subscribed. The net proceeds from the Private Placement will be used for general corporate expenditures and to enhance the Company’s balance sheet.

Each Unit is comprised of one (1) common share and one (1) common share purchase warrant (“Warrant”) of the Company. Each Warrant will entitle the holder thereof to purchase one common share of the capital stock of the Company at an exercise price of $ 0.07 during a period of 36 months from the date of closing of the placement. Each share issued pursuant to the placement will have a mandatory four (4) month holding period from the date of closing of the placement. The placement is subject to standard regulatory approvals.

Shares For Services Program

In accordance with the agreement between Uragold and AGORACOM (see Uragold press release July 18, 2014) Uragold Board has approved the issuance of 565,000 common shares at a deemed price of $0.05 per share for the outstanding debt of $28,250 for services rendered during the period from January 16, 2015 ending July 15, 2015.

Mr Levasseur stated, “With this additional private placement, insiders are continuing the demonstration of their belief that 2015 will be an exciting year for Uragold as we continue to develop our exciting high purity quartz projects.”

About Uragold- Quebec Quartz

Uragold – Quebec Quartz is the largest holder of distinct High Purity Quartz properties in Quebec, with over 3,500 Ha under claims. Despite the abundance of quartz, very few deposits are suitable for high purity applications. High Purity Quartz supplies are tightening, prices are rising, exponential growth forecasted. Quartz from the Roncevaux property successfully passed rigorous testing protocols of a major silicon metal producer confirming that our material is highly suited for their silicon metal production.

In addition to becoming a supplier of lump quartz for silicon metal production, Quebec Quartz’s objective is to transform its High Purity Quartz into Ultra High Purity Quartz Sands to generate significantly greater profits and become a leading supplier of Ultra High Purity Quartz.

About Uragold

Uragold Bay Resources is a TSX-V listed Gold and High Purity Quartz exploration junior focused on generating free cash flow from mining operations. Our business model is centered on developing mining projects suited for smaller-scale start-up and that could potentially generate high yield returns. Uragold will reach these goals by developing Quebec’s first paleoplacer mine in 50 years, the Beauce Placer Project and, in partnership with Golden Hope Mines, the Bellechasse-Timmins Gold Deposit.

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.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or the securities laws of any state of the United States and may not be offered or sold within the United States or to, or for the account or the benefit of, U.S. persons (as defined in Regulation S un der the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.

For further information contact

Bernard J. Tourillon, Chairman and CEO
Patrick Levasseur, President and COO

Tel: (514) 846-3271(514) 846-3271(514) 846-3271(514) 846-3271
www.uragold.com

Oman Economic Review – Opportunities/challenges in Oman’s construction; Tourism growth prospects

Posted by AGORACOM-JC at 10:08 AM on Tuesday, August 18th, 2015

 

 

 

Oman Economic Review – Opportunities/challenges in Oman’s construction; Tourism growth prospects


  • Despite the fact that crude prices are not showing any signs of recovery even after the first half of 2015, the construction sector in the Sultanate is still on a sound footing
  • Key infrastructure projects are not witnessing any major cuts or delays, thanks to the government’s resolve to keep on funding them

Photo Credit:Reuters/Carlos Jasso
On the face of it, Oman’s construction industry has been adept at negotiating a weak oil price. But it is going through a steep learning curve where there is no dearth of new challenges such as payment delays and shortage of workers. A. Harikumar examines if the sector is getting equipped to convert such imponderables into new opportunities for growth in the long run

When oil prices fell from around $110 per barrel in June, 2014 to almost half by the end of the year, a few sections of Oman’s construction industry had raised apprehensions about its impact on the country’s economy, leading to delays and cuts in major infrastructure projects in the future, if the prices failed to rebound.

But despite the fact that crude prices are not showing any signs of recovery even after the first half of 2015, the construction sector in the Sultanate is still on a sound footing. Key infrastructure projects are not witnessing any major cuts or delays, thanks to the government’s resolve to keep on funding them. There has not been any major lay-off of workers in the sector; and interestingly enough, new opportunities are also arising mainly in the tourism sector which is developing fast in Oman. The continued capacity building in this vital sector has brought about more opportunities for contracting companies, balancing losses, if any, from other sectors. Many new tourism projects are coming up in government and private sectors, as the government is encouraging development of tourism sector to diversify the economy.

However, this does not mean that the sector is fully equipped to handle crises and exploit emerging opportunities. Although the sector which employs over 700,000 people (accounting for more than 18 percent of Oman’s population) has been able to fend off the ill effects of falling oil prices to a great extent, the pace of growth could not be maintained in the near future because of some other reasons, which some major contracting firm attribute to the inherent weakness in the system.

For instance, Galfar Contracting, the biggest Omani contracting company, recently faced one such challenge; i.e. variations in project and differences of opinion between the client and the contractor on the charges for it. There are also complaints about inordinate delays in getting actual orders to start work, even after companies win bids. Most importantly, contracting companies in Oman find it very difficult to get the required workforce and find that Omanisation targets are unachievable.

It will be ominous for Oman’s economy, if its construction industry which had recorded an average growth rate of 5.5 per cent in the past five years and contributed to the national economy RO1.654bn -around five per cent of the GDP by 2013-gets bogged down because of such issues.

On the positive side, the government of Oman is giving much importance to the development of construction sector, as evident from the fact that the Sultanate’s latest five-year plan has earmarked an annual allocation of RO2.5bn for the sector, of which 50 per cent goes for infrastructure development. Independent agencies like MEED, which track projects in the region, put the value of new contracts that are being placed in Oman in 2015 at $15bn which will ensure continuity of growth.

However, there are many issues when it comes to the implementation stage. Many in the industry feel that if the authorities fail to remove hurdles in the execution stages, the industry will not be able to realise the full potential of the government’s initiatives.

While reviewing the situation in the construction sector in Oman and suggesting solutions, industry leaders feel that if oil prices fail to rebound by the end of this year, it will adversely affect the budgets for major projects. Many have started preparing for such an eventuality.

Impact of falling oil prices

Commenting on the present state of affairs, Oman Society of Contractors (OSC) CEO, Shahswar Al Balushi says, “The impact of oil price fall on the construction sector in Oman has been minimal till now. There has not been any drastic change in major ongoing projects, including those in the infrastructure and the tourism sectors; and there is steady progress at present. This is as a result of the prudent fiscal management of the government which has ensured growth. Crucial projects like Duqum SEZ, Oman National Railway Project, development of major airports in Oman etc which are vital for the diversification of the economy are on schedule. To sum up, at present, there is no concern about ongoing projects and no major projects have been cancelled.”

He adds, “Oman government has the experience in handling such situations. We have an aggressive approach on development in certain areas; but not so aggressive that it could go out of control.” But it is unlikely that the present situation will continue to be so for the contracting industry even if oil prices remain flat in the next year.

Looking at the future prospects, Shahswar comments, “If oil prices continue at the current level in the next year, I foresee a prioritisation of projects. If the attempts at diversifying the economy to non-oil sectors like tourism, where lots of construction is required, hit the target, there will be a level of balance. But having said that, the major player in tourism in Oman is Omran, which is a government sector company, and so there is again the possibility for prioritisation in that area of business also. Hence, we need to encourage private investment in tourism. If the price drops below the present level, then I would see more efforts from the government to stabilise the economy and make it sustainable that could mean heavy cuts in expenditure and in projects. The logic of the government action will be to create a balance in the economy so as to continue the progress. There might also arise a need to borrow money to implement important projects. Therefore, it will be prudent for the government to facilitate private investment. This can be achieved through reducing redtapism and simplifying approvals and procedures,” he avers.

Opportunities and challenges

However, some of the major consultants feel that certain areas in the sector have already started feeling the impact of oil price fall.

Ayman Saidi, director of infrastructure division, KEO Oman says that although some segments have been affected, Oman’s emphasis on developing tourism is leading to the implementation of more tourism-related projects. “Our initiative to diversify clients is a response to the fall in oil prices. Oil price fall impacts annual budget of the government, which in turn impacts all ministries, municipalities etc. We have noticed that some projects have been put on hold and some have been delayed, slowed down or cancelled altogether”.

He adds, “I see the fall in oil prices as an opportunity rather than a threat for Oman. Unlike other countries in the region, Oman is not completely dependent on oil and its diverse topography extending from Salalah to Musandam offers great potential for the development of tourism projects. There is a shortage of high-quality hotels in the country, especially during the peak seasons. There are only a few hotels on the beachside; therefore, more hotel projects need to be developed in that area.” He adds that the number of projects in tourism sector in Oman including three, four and five star facilities has gone up in recent years.”

According to Lorenzo Nicolai, regional manager, Renardet, one of the top multi-disciplinary consultants in the infrastructure sector in Oman, the falling oil price is affecting the sector in the sense that it now takes a longer time for projects to be awarded. “However, new projects are being announced,” he adds. “It is not known if lack of funds or other factors are leading to the slowing down in awarding projects. Either way, this is definitely affecting us.”

BMI Research in its latest report released to the media has revised growth forecast for Oman’s construction industry in 2015 from 5.5 per cent to 4.5 per cent in the light of falling oil prices and its impact on Oman’s economy. According to them, the weaker crude prices will have a moderate impact on infrastructure investment in Oman. They also said they would further revise the forecast if crude oil price continue to remain low over a sustained period of time.

However, Alpen Capital, in its report on GCC construction industry released to the media recently, expects the construction sector in Oman to remain robust. It has noted significant activities in the infrastructure and tourism sectors and in private and public commercial building construction. The report feels that the rising population and fast growing middle class will drive construction activities in the housing sector. It also notes that the diversification plans of the government will help the growth of construction sector.

Growth prospects in tourism sector

On the impact of oil price fall on projects in the tourism sector, Eng Ali bin Nasser al Rasbi, acting CEO of Omran, a government sector company which owns major projects and is currently implementing an ambitious expansion plan says, “In terms of Omran‘s tourism developments and investments, no projects have been put on hold. Investing in hospitality and mixed-use developments today makes good business sense. Investments lay solid foundations for a stronger travel and tourism sector, and thus, an increasingly diversified and resilient economy in the coming years. Building capacity and capability of the sector is vital in order to accommodate a growing number of visitors arriving on our shores every year and ensuring that they will keep returning in the years to come”.

According to him, the contribution made by the travel and tourism sector to the national economy has been growing year-on-year, with a 23.8 per cent growth in visitor numbers over the last five years. This translates into increased inbound revenues for the economy, new job opportunities and greater levels of participation by the SMEs to support the sector. He adds, “At Omran, we are working hard to build capability and capacity within the sector in order to harness the Sultanate’s great potential as an international destination of choice. Investment in this sector is vital for a sustainable future for the nation.”

As a worldwide phenomenon, when oil prices drop, the currencies of non-oil producing countries appreciate as do disposable incomes, leading to an increase in international travel. If Oman can continue to position itself as an attractive destination for international travellers, it will be able to capitalise on the surge of global tourism during these times. This way, revenue changes caused by fluctuating oil prices can be somewhat offset by increased tourism activity. This highlights the vital role that travel and tourism plays in supporting a sustainable and diversified economy of the future.

Payment delays and variation in projects

Aside from oil price fall, there are some long-lasting challenges confronting the sector such as payment delays and shortage of workers. Shahswar Al Balushi has been more upfront about these issues, “Many contracting companies are not paid on time. However that is not an issue related to oil price. Funds for ongoing projects have already been allocated and current issues on the payment front are related to the clients’ willingness to pay on time and in accordance with the terms of the agreement. There are also issues related to clients’ requests for variations in the project and their readiness to account for the variations in the budget. I think one of the issues that government needs to look into is restricting the clients (in many cases government agencies) from making substantial amount of variations in projects which result in a heavy bill, not accounted for in the budgetary framework.”

“Payments of even very big contracting companies are delayed for months and even years. Arrears of some companies run to the tune of around 30 per cent of their turnover. These companies are finding it very tough to pay sub-contractors, vendors etc. Their cash flow has been blocked. Projects in Oman are allocated through different tender boards. But companies that win, get actual orders after months or years. In the meantime, they might have made advance payments for mobilisation and other things. If work starts only after months or even years, it will block resources of contracting companies. This needs to be resolved. We need to regulate and refine the sector and get rid of hidden trade. Then only will we be able to provide quality and implement efficient and cost-effective solutions within the country and abroad, making the industry highly competitive,” concludes Shahswar.

According to a section of contractors, time constraint is also one of the biggest challenges faced by contractors here. Quality could be compromised when clients make demands to complete projects in a time frame that is not feasible. Contractors have to be given a proper time frame for execution, especially in the case of mega projects.

Omanisation and talented workers

Contractors across the spectrum in Oman are unanimous in their opinion that there is a dearth of talent in Oman. “Availability of workers at different levels is still a major problem facing the construction sector in Oman which employs around 700, 000 people currently”, agrees Shahswar. The total number of Omanis working in the sector is 56,000, less than nine percent of the total work force. The Omanisation target set by the Ministry of Manpower for the sector is 30 per cent, which means 210,000 Omanis should have been employed in the sector. But we don’t have that many Omanis who are willing to work in the sector; nor those who are equipped with the skillsets relevant for the sector. Considering these facts, we reach a conclusion that the current Omanisation target is not realistic.”

“Our request is to fix a realistic Omanisation target that the construction sector can actually achieve,” says Shahswar. “We are talking with the government to bring the target down to 12 per cent in 2016. If possible, it can be increased to 15 per cent during the ninth five-year plan. Response from job seekers, higher education graduates and the industry need to be used as an index to determine whether to maintain or increase the Omanisation per cent in any particular year, instead of increasing the target for the sake of numbers. There should be a concerted effort among the industry, government and labour unions to develop the workforce required by the sector; and in fact, I believe the labour union should ensure the local work force are properly qualified and should take the responsibility of addressing the issue of non-performing local workforce. Of the total workforce employed by the sector, the majority are construction workers who occupy the lower strata of industry like plumbers, electricians, mechanics, brick layers, painters etc. They are highly skilled individuals.” He is of the opinion that we need to develop multi-skilled construction workers who are capable of undertaking multiple tasks at the site such as painting, plumbing, tiling, electrical work etc. This will help the industry to streamline the workforce and manage them better. This need to be applied to expatriates also which will help to reduce their number. He adds, “Employing multi-skilled workers categorised as construction workers permitted to perform multiple tasks at sites will end the legal issues arising from workers performing duties across sections- like a plumber lending a helping hand to complete paining works, which is not allowed at present. This is how construction industry performs all over the world.”

Shahswar further added that Omanisation targets should be rationalised and implemented across the board in the construction sector. “As per the statistics of Ministry of Commerce and Industry, 100,000 companies are registered as construction companies in Oman. Of this 6000 are Grade 1 and above, and they employ 53, 000 Omanis, while remaining 94,000 companies employ just 3, 000 Omanis. If Omanisation is 12 percent and is implemented by all without exception, 94,000 companies will have to employee at least one Omani which will create thousands of job opportunities for Omani youth,” he adds.

Looking ahead

Meanwhile, experts point out that construction sector in Oman needs to make use of the innovations that are happening in the industry across the world. At present, technologies and practices have not changed much here in the last couple of decades. Regulators need to approve modern technologies and practices so that contractors could make use of it. This will help to streamline work and improve the profitability of the industry.

The feeling across the construction and contracting sector in Oman is that the sector is capable for contributing to the growth of Oman’s economy in a better way, if the problems that trouble the industry are solved. In fast developing economies like India and China, the growth rate of construction sector is around 10 percent. Oman is also in a developing stage and the current growth rate of 5.5 percent can go up significantly. However, if proper corrective steps are not taken, the construction sector may find it difficult to sustain even the present growth rate.

The fundamental significance of the construction sector in developing economies like Oman lies in its role in employment creation, capital formation and its aggregate spillover effects. As economies develop, construction sector spillovers accrue to propel productivity in other sectors of the economy. If the sector grows more, it would provide more jobs to Omani youth directly and indirectly. That is what we need at this critical juncture.

Source: http://projects.zawya.com/Opportunities_and_challenges_in_Omans_construction/story/ZAWYA20150817055042/?utm_source=zawya&utm_medium=web&utm_term=term&utm_campaign=story/