$2 Million Contract to Terra Energy & Resource Technologies, Inc. for a Country-wide Natural Resource Survey of Sierra Leone
The Ministry of Mineral Resources of the Government of Sierra Leone Awards Terra Energy & Resource Technologies With a STeP(r) Technology Services Contract
NEW YORK, Aug 2, 2010 – Terra Energy & Resource Technologies, Inc., a natural resource exploration technology company, signed a services contract with the Ministry of Mineral Resources of the Government of Sierra Leone for the application of its satellite-based STeP(R) technology to survey the country of Sierra Leone for various natural resources. The contract sets forth a two stage delivery of the results with a $600,000 advance payment, followed by two equal progress payments over nine months. The agreement was signed by Hon. Alhaji Alpha Kanu, the Minister of Mineral Resources of Sierra Leone. As part of the agreement, Terra is expected to post a performance bond and secure an advance payment guarantee related to the delivery of phase one of the two-phase report.
“Thanks to the vision of the Minister, this government initiative to unveil the full potential of Sierra Leone’s natural resources can now move toward realization. Terra is very pleased and proud to have been chosen to play such an important role in the economic development of Sierra Leone and considers this another confirmation of its leadership status in the application of remote sensing technologies for resource exploration purposes. Terra will essentially build a natural resource atlas of the whole country of Sierra Leone,” said Dr. Alexandre Agaian, President of Terra Energy & Resource Technologies.
Dr. Agaian noted that although Sierra Leone is rich in natural resources, many of its territories are underexplored and would likely remain so without alternative exploration strategies, because the costs and risks associated with conventional exploration methods are very high. He further observed that Terra’s low cost, efficient, accurate, and environmentally friendly remote sensing and analytical technologies are uniquely suited to address these challenges. He went on to say: “Governments in the developing world, today more than ever, want to encourage private investment for resource development. In addition, governments hope to obtain greater and more in-depth knowledge of their natural resource potential in order to optimize the distribution of their mineral rights and maximize their share of potential royalty revenues. In this country mapping project, our technology helps unify financial goals and interests of both the government and the exploration industry, providing valuable information about hydrocarbon and mineral prospectivity areas and assisting the parties to adequately size and price exploration opportunities in any area of Sierra Leone.”
“Sierra Leone is not the only country expressing interest in remote sensing and other environmentally and socially safe methods of exploration,” said Dmitry Vilbaum, CEO of Terra Energy & Resource Technologies. “On the other side of the Atlantic Ocean, we have strong interest from several governments pursuing resource development. Colombia’s National Hydrocarbons Agency requested a proposal for a STeP(R) survey of a large area. Terra’s technologies have also stirred considerable interest with the state-owned Perupetro in Peru and discussions continue. Our ramped-up sales efforts over the last several months in South America have resulted in Terra issuing approximately twenty proposals for services contracts to prospective exploration customers. We are encouraged that the exploration world is waking to the potential of Terra’s technologies and the reduction in risk, cost and time they can achieve.”
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