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Aug 22, 2008 -- Legacy Wine and Spirits International Ltd. (OTCBB: LWSP) reports that Deng Ting and Jaclyn Cruz have joined the Board of Directors of the Company.
Deng Ting is a marketing and sales consultant based in China. Jaclyn Cruz is the principal of "We Are the People," Ronkonkoma, a franchise of "We Are the People," USA, a national system of Data and Document Preparation. She is also a Notary Public.
August 22, 2008 -- Manas Petroleum Corporation (OTCBB: MNAP | Quote | Chart | News | PowerRating) announces that its wholly owned subsidiary DWM Petroleum AG has entered into a Letter Agreement for the Phase 2 Work Period on August 19, 2008.
DWM Petroleum AG has agreed to permit Santos to commence the Phase 2 Work Program prior to the end of the Phase 1 Work Period.
If Santos does not withdraw within 60 days of the end of the Phase 1 Work Period (which is yet to occur), then Santos must drill a minimum of 2 exploration wells. In addition to its right to withdraw within 60 days of the end of the Phase 1 Work Period Santos has the right to elect to withdraw from the farm-in agreement by giving notice to that effect to DWM within 60 day period following the completion of the second exploration well.
Santos is in discussions with Caspian in relation to the refurbishment of a drilling rig currently in the Kyrgyz Republic. Up to 4 shallow exploration prospects have been identified for drilling by the Caspian rig, beginning in Q4 2008. In addition, up to 4 deep prospects are planned for drilling in 2009.
Description of the company:
Manas Petroleum is an international oil and gas company with primary focus on exploration and development in south-eastern Europe, Central Asia and South America.
In Albania Manas has developed a giant exploration project with a total resource potential (P50) of 2.9 billion barrels (independent resource evaluation, Gustavson, 2008). In Kyrgyzstan Manas has signed a US $54 million farm-out agreement with Santos a large independent Australian oil and gas producer covering its 1.2 billion barrels in place, light oil play (independent resource evaluation Scott Pickford, 2006). The development of the company's neighboring Tajikistan license is now covered by an option farm out agreement also with Santos. In Chile Manas and US partner IPR farmed out a large natural gas exploration project to a consortium of local operators.
Manas is currently maturing its enormous resource potential by acquiring seismic prior to drilling.
Manas Petroleum Corporation is currently listed on the NASDAQ OTC board (MNAP.OB).
Aug 22, 2008 -- Wits Basin Precious Minerals Inc. (OTCBB: WITM) announced today that London Mining Plc, a leading international mining and development company for the steel industry, has agreed in principle, subject to due diligence and finalization of definitive documentation, to become a 50/50 joint venture partner for the Company's iron ore project located near Maanshan, Anhui Province in the People's Republic of China.
Under the terms of the agreement, London Mining would provide US$45,000,000 in exchange for a 50 per cent equity interest in the project. London Mining would have appropriate board representation as well as customary and expected ownership rights in the joint venture. Following completion of acceptable due diligence the parties believe they can close the transaction within six weeks.
"We are thrilled to be able to finance this revenue-producing and cash flow-positive project with London Mining," commented Wits Basin CEO Stephen D. King. "London Mining has focus on and expertise in the iron ore industry and we are excited to be uniquely positioned in acquiring this proven China-based iron ore business. Based on current iron ore spot pricing and the drill-indicated resources, we believe this project will be cash-flow positive in excess of US$30 million in the first twelve months of operation."
Burnham Securities Inc. and Broadband Capital of New York City are acting as the investment advisors for Wits Basin for this transaction.
About London Mining Plc
London Mining Plc is incorporated and registered in the United Kingdom and is developing mines to supply the global steel industry. London Mining has iron ore and coal mining development projects located in Saudi Arabia, Greenland, South Africa, Sierra Leone, and Mexico. It has total iron ore resources of 1.3 billion tonnes containing an estimated 459 metric tonnes of iron. In 2007, London Mining raised over US$185 million to advance iron ore production from its projects. Just recently, London Mining sold its Brazilian operation to Arcelor Mittal for US$810 million and announced a return to shareholders of US$427 million with the balance of funds received allocated to existing and new projects.
London Mining is listed on the Oslo Axess, a marketplace regulated by the Oslo Stock Exchange. The company trades under the Reuters symbol LOND.OL and Bloomberg symbol LOND:NO.
About Wits Basin Precious Minerals Inc.
Wits Basin is a minerals exploration and development company holding interests in three exploration projects and currently does not claim to have any mineral reserves on any project. Its common stock trades on the Over-the-Counter Bulletin Board under the symbol "WITM."
Aug 22, 2008 -- Whitemark Homes (OTCBB: WTMK), a Florida based company, has agreed to merge with Bluesky Oil and Gas Corporation, an Alberta Based Company. Whitemark Homes, based in Sarasota, Florida, said it has signed a non binding letter of intent to merge with Bluesky. The Company said it expects to close the deal in the next 45 days.
Bluesky oil and Gas Corp. is a natural gas company that has proprietary rights, and patented technology and the expertise to produce natural gas from marginal gas wells drilled in hospitable locations such as the limited access areas of Northern Alberta.
Whitemark Homes previously engaged in the development of lots and construction and sale of singe family homes. Currently Whitemark is seeking to buy or acquire a business. Barry Reese, President of Whitemark Homes said, "We are pleased to make this announcement and move this company forward. We believe this merger will be good for our shareholders."
Aug 22, 2008 -- XenaCare Holdings Inc. (OTCBB: XCHO | Quote | Chart | News | PowerRating) ("XCHO"), owners of nationally branded OTC nutritional products, and the developer of the SunPill(TM), announced in a filing with the Securities & Exchange Commission the planned merger between itself and Sun Packing, Inc., a Texas Corporation. The merger, expected to be completed October 2008, puts Sun shareholders in control of 50.1% of the shares in the surviving company and contemplates a name change to more reflect the company's current businesses.
"The merger, when completed, will reflect a combined business entity with expected first year sales in excess of $15,000,000 and the capability to apply for a NASDAQ or America Stock (ASE) Exchange listing. In the first 35 days, sales of the SunPill(TM) to the nation's largest drug stores exceeded our expectations," said Frank Rizzo, President XenaCare Holdings Inc.
Sun Packing has a strong management team, immediate cash flow and a line of credit to increase and support XenaCare Holding's penetration into the Retail, Direct Response and Internet markets for its nutraceutical product lines.
About XenaCare Holdings, Inc.
XenaCare Holdings Inc. is a fully reporting company whose stocks are quoted on the OTCBB under the symbol "XCHO". The company has been in business since 2005 and currently markets The Body Replenishment System ("BRS"), SunPill(TM), and the company is currently developing multiple unique products from vegetarian based Omega 3 and Omega 6 fatty acids from micro algae. The Company's objective is to provide unique, niche products to the consumer.
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