Financing Obtained!
Wednesday December 19, 4:30 PM EST
ENGLEWOOD, Colo., Dec 19, 2001 /PRNewswire via COMTEX/ -- Pinnacle Resources,
Inc. (OTC Bulletin Board: PNRR; Frankfurt: PIN) announced today the company has obtained financing that will enable the company to proceed with its planned tantalite project and to continue the development of the company's South African vanadium/titanium deposit. Pinnacle was able to obtain a $250,000 line of credit by securing the loan with a portion of the common stock in Anooraq Resources that the company received for its platinum property earlier this year.
President Glen Gamble stated that Pinnacle has committed funds to building a tantalum oxide refinery in South Africa to process South African, as well as neighboring nation's, tantalite ores and concentrates. Pinnacle has entered into an exclusive license agreement with Professor Jan Becker to use the Becker
process to produce high purity tantalum products for the international market. Pinnacle's tantalum processing refinery will be the first such plant in Africa.
Tantalum is a space age metal that finds application in electronics and in specialty alloys. The metal is employed in capacitors which are used in cellular phones and television receivers because of tantalum's stable dielectric properties. Tantalum is also suited for hardening steel and the production of superalloys used in jet engine components.The first module of the refinery will have the capacity to produce products with an estimated gross market value of $6 million per year. Additional modules to the refinery will be added as the Pinnacle expands the market. The first module
of the refinery is scheduled to go into production in the first quarter of 2002 utilizing the Becker process which is unique because it is environmentally friendly.
AI
