PRESS RELEASE
Pinnacle Resources, Inc. Completes Acquisition of Vanadium and Titanium
Properties
ENGLEWOOD, CO, Dec. 10, 2000 - Pinnacle Resources, Inc. (OTC Bulletin
Board: PNRR; Frankfurt: PNI) announced that it has completed its acquisition
of Vanadium and Magnetite Exploration and Development (Pty) Ltd. (V-MED).
V-MED, a South African corporation, holds an exclusive 30-year mineral
lease on five contiguous farms covering 17,188 acres adjacent to Pinnacle's
platinum-palladium properties near Potgietersrus, South Africa. Terms
of the acquisition were not disclosed.
The farms host two magnetite layers, approximately 17 kilometers in
strike length, which the company believes contain the largest undeveloped
resources of vanadium in the world. The magnetite contains approximately
11 percent titanium and 1.25 percent vanadium pentoxide. Indicated resource
of the main magnetite layer to a depth of 80 meters is estimated to
be 100 million tons of magnetite containing 1.67 million tons of vanadium pentoxide. The upper magnetite layer outcrops to the surface and presents
a low cost, open pit mining proposition.
Pinnacle Resources' objective is to continue to build its asset base
by acquiring title to promising mineral prospects and developing them
through strategic alliances with mining industry investors.
Additional information on Pinnacle Resources,
Inc. is available on the company's website at www.pnrr.net.
