Cal-Bay Signs LOI for Joint Venture Ownership in Operational Brazilian Gold & Copper Mine
Cal-Bay International, Inc. (PINKSHEETS: CBYI) today announced the
company has a signed Letter of Intent for a Joint Venture Land
Lease & Mining operation Interest representing a 40% ownership
in a Brazilian Gold & Copper mining operation.
The agreement has been made with mining land lease and mineral
rights owners, "Florest Vale Agroindustrial Ltda Epp," a Brazilian
Corporation that owns the land lease, mineral rights, current
permits and mining operations.
The operational company (Florest Vale) while mining and
processing Copper on the 50 acre mine facility recently discovered
several significant seams of Gold while drilling test bores for the
copper. Florest Vale's President J. Hooper announced the company
believes more seams are underlying and estimates the current Gold
discovery value to be in the region of $80M at today's bulk
Cal-Bay has been in negotiations with the company for several
months with the intent of Joint Venture ownership operations in
FV's currently owned Manganese Mines in Brazil. The FV Copper &
Gold agreement is the first transaction that has been contracted
under the terms of an LOI.
The terms of Cal-Bays JV ownership in the 50 acre facility will
be announced publicly when the Definitive agreement has been
signed, which is expected to be fully consummated in May 2012. As
part of the agreement Cal-Bay did disclose the company has agreed
to raise an initial $3M for the Joint Venture operation to provide
updated mining and processing equipment along with upgraded onsite
security requirements now the Gold mining process will becoming
ABOUT CAL-BAY INTERNATIONAL: Primarily a Residential &
Commercial Real-Estate acquisition and development company, Cal-Bay
plans to continue the acquisition of distressed and undervalued
residential and commercial real estate along with land
acquisitions. The land and commercial properties being primarily
for use by its own subsidiary companies for the production of
"Clean Energy & Power Technologies and Energy Saving Solutions"
creating a multi-level revenue center for the company and its
Investors. More Information will be available on the company
website currently operational and under ongoing development.
Safe Harbor Statement: Safe harbor from liability established by
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements generally can be identified by phrases
such as CBYI or its management "believes," "expects,"
"anticipates," "foresees," "forecasts," "estimates" or other words
or phrases of similar import. Similarly, statements herein that
describe the Company's business strategy, outlook, objectives,
plans, intentions or goals also are forward-looking statements. All
such forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially
from those in forward-looking statements.
Contact: Investor Relations: Cal-Bay International, Inc: