May 15 2007
Terra Nostra Resources Corporation today confirmed the successful production and shipment of 304 grade stainless steel billets by Shandong Quanxin Stainless Steel Co., Ltd., its stainless steel joint venture operation in China, towards a recently announced $30 million dollar contract.
Together with other market orders, Terra Nostra entered into a contractual agreement with Qing Dao Baemyung Metal Co. Ltd., to produce 600 Metric Tonnes ("MT") of 304 stainless steel billets monthly over a one year period. Qing Dao Baemyung Metal Co. Ltd., a well respected company operating in the Shandong province of China, will further process the billets into various shaped bars and export the majority of its production to Korea and other major markets.
Mr. Sun Liu James Po, Chief Executive Officer, stated, "Our ability to deliver a product of international standards, to a world class customer, is an important validation of the extensive testing and trial production performed at our stainless steel casting facility. Furthermore, the anticipated revenue from this contract represents an anticipated 3x increase in total revenues for the stainless steel operations alone in the forthcoming fiscal year, making a significant contribution to our revenue goals."