Buzz Technologies (BZTG)

[lowe6er]

Buzz Technologies Inc (OTC:BZTG): Manganese Update Buzz, Citic, BHP

Feb 11, 2009 (M2 PRESSWIRE via COMTEX) -- Chinese energy and base metal producer CITIC Resources Holdings Ltd (HKG:1205) still plans to spin off CITIC Dameng Holdings Ltd as a separate listing on the Hong Kong Stock Exchange according to a company statement on Thursday.
The move was originally planned by the end of last year, but was delayed due to the economic recession's impact on market performance.

CITIC Resources, along with a subsidiary of CITIC, United Asia Investments Ltd, will provide HK$240 million and HK$60 million of capital respectively to CITIC Dameng. CITIC Resources will have a 52.4% equity interest in CITIC Dameng, up from 48%.

CITIC Dameng has mining rights in one manganese ore mine in China's Guangxi Zhuang Autonomous Region amounting to 120 million metric tons of manganese carbonate, and rights in another mine in Gabon in West Africa amounting to 30 million tons of manganese ore.

Buzz Inc (OTC:BZTG) has committed $500 000 to immediately upgrade of the facility on the company's Lanna Project in Thailand. The Manganese Ore site will see an investment in plant and equipment that will bring production capabilities to 25 000 mtu per month.

This upgrade was not planned before 2010 and the company expected to make the first Mn Ore deliveries in March 2009.

The estimated reserve of minable Mn Ore now sits at 6.1m mtu and this is expected to increase as drilling commences.

Helped by its strong cash flow, mining giant BHP Billiton Ltd (NYSE:BHP) has chalked out plans to go for acquisitions. However,

BHP officials refused to divulge detains about the companies which they are planning to acquire.

The move came after reports emerged Rio Tinto was in discussions with major shareholder, China's state-backed aluminum group, Chinalco about a capital injection and asset sales in an effort to pay down some of its $57 billion of debt.

So, BHP thinks that more companies are going to have to sell assets in order to meet their short-term demands.

CONTACT: Sutida Suwunnavid, Buzz Technologies, Inc Tel: [phone] Tel: [phone] e-mail: [e-mail] WWW: http://www.12buzz.com

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