Terra Energy & Resource Technologies, Inc., a natural resource exploration services technology company, announces that the Company completed two projects for gold, rubies and marble exploration in Cambodia utilizing its innovative proprietary technology STeP®.
Both service contracts were awarded to Terra by The Millennium International Group, LLC, which has subsequently requested the Company to submit a service proposal for the next stages of exploration as well as for the initial extraction of minerals, for which Terra Energy & Resource Technologies has submitted the proposal to the client.
“We have delivered the study results and are now awaiting the client’s conveyance to Terra of the 2% overriding royalty on both license territories. We have also earned a 10% co-investment right on the same terms as the license holder,” said Dmitry Vilbaum, Chief Executive Officer of Terra Energy & Resource Technologies. “With most of our projects having been in oil and gas exploration, Terra was pleased to diversify its work into these mining applications. Both license territories are significantly underexplored and difficult to access; our satellite-based exploration application was performed in approximately sixty days and delivered action-driving results to the license holders, eliminating exploratory guess work.”
“We have encountered technical challenges associated with large amounts of vegetation in the area, which typically preclude many remote sensing vendors from certain types of crucial analysis,” said Dr. Alexandre Agaian, Terra Energy & Resource Technologies’ President. “However, Terra was able to overcome these issues and deliver a high quality natural resource mapping survey to the client. We are excited with the survey results and are now working on structuring our co-investment rights into both territories, which in our opinion represent a great investment opportunity.”