TVC 8K 07-21-05
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date
of
Report (Date of earliest event reported):
July
15, 2005
TRI-VALLEY
CORPORATION
(Exact
name of registrant as specified in its charter)
|
Delaware
|
|
0-6119
|
|
84-0617433
|
|
(State
or other jurisdiction of incorporation or organization)
|
|
(Commission
File Number)
|
|
(IRS
Employer Identification No.)
|
5555
Business Park South
Suite
200
Bakersfield,
California
(Address
of principal executive office)
Issuer's
telephone number: (661)
864-0500
Section
2
Item
2.01 Completion of Acquisition or Disposition of
Assets
Tri-Valley
Corporation (AMEX TIV) through its wholly owned subsidiary Select Resources
Corporation, Inc. has purchased the Admiral Calder Calcium Carbonate Mine and
associated assets from Sealaska Corporation and SeaCal, LLC. The property is
located on the northwestern coast of Prince of Wales Island, in southeast Alaska
between Juneau and Ketchikan. Select will be calling the Mine and operation
the
“Admiral”.
The
Mine
consists of 13.9 million tons of drill proven and probable reserves and 12.5
million tons of possible resources of high chemical grade (+98%), high
brightness and whiteness (+95 Hunter brightness @ -200 mesh) calcium carbonate
for use in the paper, plastics and paint filler, whitener, extender and loader
markets. In addition, the property also contains +20 million tons of possible
resources of high chemical grade (+98%) and medium brightness (+89 Hunter
brightness @ -200 mesh) calcium carbonate for use in chemical applications
and
as off-white fillers, loaders and extenders. The current Mine covers only 15
acres; the entire property covers +572 acres of patented mining ground, and
includes all operating permits, tideland leases and timber rights. Only about
10% of the property has been explored. The Mine began production by Sealaska
and
SeaCal in 1999 and ran for three years; it has been on idle status since
2001.
Demand
for high grade calcium carbonate is growing in the Pacific Northwest, California
and Asian markets, and the Admiral deposit is well situated to serve coastal
consumers. A significant portion of the calcium carbonate supplied to these
locations is imported.
Infrastructure
associated with the Mine includes the current permitted Mine, material handling
and crushing circuit, a deepwater shiploader (2,000 tons per hour) and docking
barge with +40 feet of draft for inter-coastal barges up to Handy Class (45,000
dwt) sized vessels, laboratory, shops and offices, mine camp, and various pieces
of mining and operating equipment.
The
price
of the acquisition is $3 million; $1 million in cash allocated to equipment
and
infrastructure, and $2 million for real estate, paid at a rate of $200,000
per
year for 10 years.
Select
Resources Corporation, Inc. - a wholly owned subsidiary of Tri-Valley
Corporation, Inc. - is involved in the exploration, development and production
of precious and base metals, industrial minerals and construction materials
with
operations and properties in the western U.S. and Canada.
Sealaska
Corporation is the Alaska Native Regional Corporation for Southeast Alaska,
formed under the Alaska Natives Claims Settlement Act. SeaCal, LLC is Sealaska’s
wholly owned subsidiary, formed to develop the calcium carbonate deposits
subject to this sale.
Tri-Valley
is in its 43rd year of business as a successful operating company and for 32
years has been a full reporting 12 (g) publicly traded Delaware Corporation.
Tri-Valley Corporation stock is publicly traded on the American Stock Exchange
under the symbol “TIV” in the United States and is also traded in Europe on the
Frankfurt Stock Exchange under the symbol “TVC WKN 911919.” Our company
websites, which include all SEC filings, are www.tri-valleycorp.com
and
www.tri-valley.de.
-
XXXX -
This
press release contains forward-looking statements that involve risks and
uncertainties. Actual results, events and performance could vary materially
from
those contemplated by these forward-looking statements which includes such
words
and phrases as exploratory,
wildcat, prospect, speculates, unproved, prospective, very large, expect,
potential,
etc. Among the factors that could cause actual results, events and performance
to differ materially are risks and uncertainties discussed in the company’s
quarterly report on Form 10-Q for the quarter ended March 31, 2005, and the
annual report on Form 10-K for the year ended December 31,
2004.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
| |
TRI-VALLEY
CORPORATION
|
| |
|
| |
|
|
Date: July
21, 2005
|
/s/
F. Lynn Blystone
|
| |
F.
Lynn Blystone, President and Chief Executive
Officer
|