VANCOUVER, B.C., May 18, 2017 (GLOBE NEWSWIRE) — HUDSON RESOURCES INC. (the “Company”) (TSX-V:HUD) (OTCQX:HUDRF) is pleased to announce that it has entered into a letter of intent with Metro Ports, a nationwide bulk stevedoring and terminal operating company in the United States, which will design, build and operate a purpose-built port facility adjacent to the Port of Savannah, dedicated to Hudson Resources. As a result, Hudson will establish a key distribution hub in North America for its White Mountain anorthosite used in the production of E-Glass, paints and coatings.
The agreement with Metro Ports provides for the following facilities:
- Covered conveyors from the dock to a storage building;
- A dedicated concrete dome storage building with a capacity of 35,000 tonnes of product;
- Transloading facilities where product can be loaded into trucks, rail or shipping containers;
- A process building for upgrading the material for paints and plastics by fine grinding; and
- A bagging facility.
Metro Ports will be funding the multimillion-dollar capital investment, allowing Hudson to focus on mine infrastructure and marine facilities in Greenland. Initial targets are to move approximately 200,000 tonnes of product through this facility annually. The initial 10-year term has an option to extend the term for successive 10 year periods.
The Savannah area was chosen for its close proximity to major U.S. markets and the Georgia Port Authority, which is one of the largest container ports in North America. Working with Metro Ports will ensure that Hudson has the ability to economically serve key North American and Asian markets through a modern, dedicated port facility.
Hudson is currently in the process of constructing its anorthosite mine in Greenland, which will include a 30,000-tonne storage facility. Once completed, oceangoing vessels will directly bulk ship the product from the White Mountain project to Metro Ports. The product then will be unloaded and transferred to a dedicated contaminant free storage area. From there, it can be either micronized for the paints and plastics customers or transferred, as is, by a variety of delivery methods to E-Glass manufacturers in the U.S. and globally.
James Tuer, Hudson’s president, stated, “We are very pleased to have entered into this preliminary agreement with Metro Ports. The Savannah facility will be an integral part of Hudson’s distribution and upgrading strategy for the White Mountain anorthosite. A key motivation for choosing this location is the large number of containers being back hauled to Asia, which offer a very efficient way to deliver smaller lots of bagged product to Asia. Our next step is to firm up costs and complete a binding agreement.”
Metro Ports President Michael Ferguson commented, “We are pleased to be taking this first step with Hudson on a major investment in our Savannah operations. This step brings to a conclusion more than two years of discussion, planning and engineering efforts. We look forward to bringing this facility online and operational this coming year and working with Hudson during the next decade and beyond.”
Metro Ports is one of the leading port facility operators in North America and currently operates 20 facilities. More on Metro Ports can be found at www.metroports.com.
Hudson owns 100 percent of the White Mountain project. The company was granted a 50-year mining license in 2016, and the deposit has resources defined for more than 100 years of production.
ON BEHALF OF THE BOARD OF DIRECTORS
James Tuer, President
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this news release, including, without limitation, statements regarding the use of proceeds from the private placement, and other future plans and objectives of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s plans or expectations include market prices, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CONTACT: For further information: James Tuer, President Ph: 604-628-5002 or 604-688-3415 email@example.com